Incyte (INCY) PT Raised to $95 at Leerink Partners

August 10, 2016 6:50 AM EDT
Get Alerts INCY Hot Sheet
Price: $117.75 --0%

Rating Summary:
    21 Buy, 2 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Leerink Partners analyst Michael Schmidt reiterated an Outperform rating and boosted his price target on Incyte (NASDAQ: INCY) to $95.00 (from $85.00) following another solid quarter, handily beating top and bottom line street estimates on stronger than expected product sales and lower than expected operating expenses and raised 2016 guidance.

Schmidt commented, "Among pipeline updates, much of the discussion on the call focused on progress with ongoing epacadostat (IDO1 inhibitor) Ph II combination studies, a key value driver for INCY. We remain OP rated on the stock based on our thesis that: (1) Jakafi remains a compelling long-term growth driver for INCY, (2) expectations for baricitinib are still moderate, (3) INCY's maturing oncology pipeline of 14 molecules including epacadostat (IDO1) represents a long term value driver. We are updating our model to reflect 2Q16 financial results and are increasing our PT to $95 (from $85), reflective of our more optimistic outlook for INCYs commercial base business."

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 $86.48 yesterday.

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