Incyte (INCY) PT Lifted to $126 at BMO Capital Following Competitor Set-Back
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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."
Shares of Incyte closed at $100.74 yesterday.
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