Incyte (INCY): Raising PT - Leerink
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Leerink Partners analyst, Michael Schmidt, reiterated his Outperform rating on shares of Incyte (NASDAQ: INCY) and raised his price target to $101 from $99 after the company delivered strong 3Q results driven by higher than expected sales of Jakafi and Iclusig combined with lower operating expenses. This led to an increase in 2016 guidance. The Jakafi business continues to look fundamentally very strong with 8% sequential growth driven entirely by demand, consistent with prior quarters and with significant room left for growth with target markets in myelofibrosis (MF) and polycythemia vera (PV) only partially penetrated.
Gilead's (NASDAQ: GILD) momelotinib remains the last competitive agent in late stage development and recent inclusion of Jakafi in NCCN (National Comprehensive Cancer Network) guidelines bodes well for additional uptake. 2017 is shaping up to be a strong commercial year for INCY with ~$260M likely from milestone payments and baricitinib approval expected in rheumatoid arthritis (RA). Near term pipeline catalysts predominantly related to pending development decisions for epacadostat (IDO inhibitor) and label extension opportunities for Jakafi in GVHD (graft-versus-host disease) and alopecia areata. Raising estimates to account for 3Q16 updates and higher guidance.
Shares of Incyte closed at $90.03 yesterday.
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