Incyte (INCY): Raising PT After Dinner With CEO - Leerink
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Leerink Partners analyst, Michael Schmidt, reiterated his Outperform on Incyte (NASDAQ: INCY) and raised the price target to $98 from $95 after an investor dinner with the CEO, Herve Hoppenot, and the Leerink immunooncology (IO) roundtable conference in NYC.
The analyst has more comfort in INCY's growth strategy focused on commercial execution on the Jakafi business, in-house innovation in oncology, and growth of the geographic footprint.
Key takeaways are:
1) Global expansion is a key part of INCY's strategy to become the next large-cap oncology player
2) Jakafi remains the commercial backbone of INCY with additional label expansion opportunities providing further upside
3) baricitinib royalties represent a key driver of future EPS growth
4) INCY remains well positioned to maximize the epacadostat opportunity in immuno-oncology
5) early stage portfolio offers pipeline optionality with several shots on goal
Shares of Incyte closed at $94.29 yesterday.
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