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Nomura Securities Starts Incyte (INCY) at Buy, $68 PT

January 8, 2014 7:53 AM EST Send to a Friend
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Price: $47.13 -4.44%

Rating Summary:
    13 Buy, 3 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 10 | New: 20
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Nomura Securities initiates coverage on Incyte (NASDAQ: INCY) with a Buy. PT $68.00.

Analyst Ian Somaiya comments: "Incyte is focused on discovery and development of small-molecule therapies for oncology and inflammatory disease. While 2013 was a year of positive surprises for a previously underappreciated pipeline, we expect the pipeline to exceed heightened expectations in 2014. In particular, we expect Jakafi PV Phase III data in March/April to support our above-consensus estimates and presentation of Jakafi Phase II pancreatic cancer data at ASCO (June) to support development in NSCLC, breast, and colon cancers. We believe the US market opportunity of $300mn in pancreatic cancer would rise to $2.1bn with the inclusion of just the refractory setting of these additional cancer indications. Our $68 target price is based on DCF of 2015-20E FCF discounted at 11% (WACC of 10.1%) with an 8.5% terminal growth rate. FY13E EPS at ($0.11); FY14E EPS at ($0.02)."

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 $51.96 yesterday.




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