Barclays Adjusts PT and Estimates on Incyte (INCY); Better Than Expected Launch of Jakafi

July 13, 2012 2:45 PM EDT
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Price: $117.75 --0%

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    21 Buy, 2 Hold, 1 Sell

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Barclays maintains an 'Equalweight' on Incyte (NASDAQ: INCY) price target of $24.00 (from $19.00).

Analyst, Ying Huang, said, "We remain cautiously optimistic as we track Jakafi's launch progress. While Q1 2012 Jakafi sales of $19.3mn handily beat consensus, the Street appears to be more reserved for the remainder of 2012. Although we are lowering our Jakafi estimates, we remain positively biased for a better-than-expected launch in the near term. However, fundamentally we maintain our 2-EW rating, as we believe the value of the Jakafi and baricitinib franchises is fairly captured in the current stock price."

Huang lowers FY12 EPS estimate from $0.31 to $0.19 and FY13 from $0.52 to $0.41. However, he moderates Q2/FY12 Jakafi sales to $33M/$150M from $42M/$168M.

For an analyst ratings summary and ratings history on Incyte click here. For more ratings news on Incyte click here.

Shares of Incyte closed at $25.60 yesterday.

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