Incyte (INCY) PT Bumped to $115 at Leerink as Gilead's (GILD) Momelotinib Disappoints
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Leerink Partners analyst Michael Schmidt reiterated an Outperform rating and bumped his price target on Incyte (NASDAQ: INCY) to $115.00 (from $101.00) as Gilead Sciences' (NASDAQ: GILD) momelotinib disappoints.
Schmidt commented, "Today GILD (MP) reported top-line results from two Phase III studies evaluating momelotinib, its JAK1/2 inhibitor for patients with myelofibrosis (MF): SIMPLIFY-1 and SIMPLIFY-II. Results from both trials are disappointing, in our view making it highly unlikely that GILD would be able to obtain regulatory approval. Removal of this uncertainty on the revenue outlook of INCY's key commercial product (see our recent deep-dive here: LINK), combined with increasing prospects of a repatriation holiday should make the company more attractive as an acquisition target. While we assumed only a modest success probability for momelotinib, our prior scenario analysis suggested 7-22% downside potential to INCY's valuation in a rage of momelotinib success scenarios. Raising our PT to $115 (from $101)."
Shares of Incyte closed at $100.74 yesterday.
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