Incyte (INCY) PT Raised to $121 at BMO Capital on Higher Probability of Epacadostat+Keytruda Sucecss
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BMO Capital analyst M. Ian Somaiya reiterated an Outperform rating and raised his price target on Incyte (NASDAQ: INCY) to $121 (from $100) to reflect higher probability of success (80% vs. prior 50%) of epacadostat+Keytruda in melanoma given PFS strength (>12 months vs. Opdivo+Yervoy 11.5) observed in updated P1 data presented at the European Society for Medical Oncology meeting.
The firm also raised their baricitinib sales estimates to reflect continued positive feedback from rheumatologists and our expectation for a discounted pricing strategy that should drive adoption. The next key catalyst is decision by YE16 to advance epacadostat into P3 trials in other tumor histologies.
Shares of Incyte closed at $94.78 yesterday.
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