Incyte (INCY): Raising PT After Dinner With CEO - Leerink
- Euro and global stocks hold Italy-related gains ahead of ECB
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
- GoDaddy (GDDY) to Acquire Host Europe Group in ~$1.8B Deal
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Trump's corporate tax holiday could spur pharma M&A
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Incyte (INCY) Meeting Highlights Upside in Jakafi and Pipeline - BMO
- UPDATE: Stifel Upgrades TripAdvisor (TRIP) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!