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Incyte (INCY) Overvalued, Thinks Goldman Sachs

August 22, 2013 10:43 AM EDT Send to a Friend
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Price: $54.20 --0%

Rating Summary:
    13 Buy, 3 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Goldman Sachs maintained a Sell rating on Incyte (NASDAQ: INCY) and raised its price target of $26.00 (from $17.00). Analyst Navdeep Singh thinks valuation is rich despite encouraging Jakafi data.

"We originally did not assign value due to lack of evidence, but now believe there is greater likelihood of success than we had anticipated. 6-month survival in this subgroup was 42% for Jakafi vs. only 11% for placebo. We now assign 80% probability of success to $1.25bn in global Jakafi sales from this subgroup of pancreatic cancer. This assumes uptake in front-line and refractory settings. Despite this, our new 12-month price target of $26 (up $9) represents 28% downside from yesterday’s close of $36. In our opinion, the Street is assigning value to Jakafi in other solid cancers (e.g., lung cancer), which we believe is premature given lack of data and limited visibility on subgroup criteria," said Singh.

For an analyst ratings summary and ratings history on Incyte (NASDAQ: INCY) click here. For more ratings news on Incyte click here.

Shares of Incyte closed at $36.04 yesterday.




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