Incyte (INCY) PT Raised to $98 at Argus on Jakafi Sales and Takeover Potential
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Argus reiterated a Buy rating and raised its price target on Incyte (NASDAQ: INCY) to $98.00 (from $92.00) based on higher-than-expected 2Q16 sales and EPS and increased company guidance for Jakafi sales in 2016.
In addition, they believe Incyte could be a takeover candidate given the recent uptick in healthcare M&A and selloff in biotech stocks, perhaps from Gilead (NASDAQ: GILD) who may want to boost its oncology pipeline.
The firm is raising 2016 EPS estimate to $0.45 from $0.32. They are also raising 2017 estimate to $1.33 from $1.31. Additionally, they are maintaining their revenue forecast at $1.0 billion for 2016 and raising their forecast to $1.4 billion from $1.3 billion for 2017.
Shares of Incyte closed at $88.98 yesterday.
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