Incyte (INCY) PT Raised to $98 at Argus on Jakafi Sales and Takeover Potential
- Amazon, health stocks weigh on S&P, Nasdaq; Chevron lifts Dow
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- AbbVie (ABBV) Tops Q3 EPS by 1c; Boosts FY16 EPS Outlook
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Leerink Partners Downgrades McKesson (MCK) to Market Perform
- Jefferies Raises Price Target on Bristol-Myers Squibb (BMY) Following 3Q
- Leerink Partners Cuts Price Target on Amgen (AMGN); Reiterates Market Perform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Rumors
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!