Incyte (INCY) PT Lifted to $126 at BMO Capital Following Competitor Set-Back

November 17, 2016 6:42 AM EST
Get Alerts INCY Hot Sheet
Price: $117.22 -0.26%

Rating Summary:
    21 Buy, 2 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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BMO Capital analyst M. Ian Somaiya reiterated an Outperform rating and bumped his price target on Incyte (NASDAQ: INCY) to $126.00 (from $121.00) as mixed data from Gilead's Phase 3 trials of momelotinib in myelofibrosis remove the only source of meaningful competition in the forseeable future to Jakafi in MF.

Somaiya commented, "We have raised our WW peak sales in MF to $1.8bn (from $1.4bn), and believe our peak penetration rates (~50% US/ROW) leave plenty of room for upside. We believe INCY's next key catalyst will be the decision to advance epacadostat into additional Phase 3 trials."

For an analyst ratings summary and ratings history on Incyte click here. For more ratings news on Incyte click here.

Shares of Incyte closed at $100.74 yesterday.

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