Incyte (INCY): Raising PT As Investors Look Beyond epacadostat - Piper Jaffray
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Piper Jaffray analyst, Joshua Schimmer, reiterated his Overweight rating on shares of Incyte (NASDAQ: INCY) and raised his price target to $102.00 (from $99.00). The analyst believes that INCY is in the midst of transitioning from a single-product company to one with multiple revenue streams and a deep pipeline. He is skeptical on epacadostat for solid tumors and it is nice to see investor sentiment for this program also declining, without impact to share price as new value drivers are appreciated.
The analyst realizes that having a positive outlook for INCY while having a bearish view of epacadostat is unusual, but he sees too many long-term potential value drivers in the pipeline to not look past any volatility that may emerge from epacadostat updates, and if it turns out this program truly does augment activity of checkpoint inhibitors, upside would likely be even greater than he estimated.
Consensus has very little epacadostat contribution, despite it being a topic of high interest for peers.
Shares of Incyte closed at $80.55 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesPiper Jaffray, Joshua Schimmer
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