Barclays Adjusts PT and Estimates on Incyte (INCY); Better Than Expected Launch of Jakafi
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Price: $22.26 -3.84%
Rating Summary:
10 Buy, 4 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Rating Summary:
10 Buy, 4 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
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Barclays maintains an 'Equalweight' on Incyte (NASDAQ: INCY) price target of $24.00 (from $19.00).
Analyst, Ying Huang, said, "We remain cautiously optimistic as we track Jakafi's launch progress. While Q1 2012 Jakafi sales of $19.3mn handily beat consensus, the Street appears to be more reserved for the remainder of 2012. Although we are lowering our Jakafi estimates, we remain positively biased for a better-than-expected launch in the near term. However, fundamentally we maintain our 2-EW rating, as we believe the value of the Jakafi and baricitinib franchises is fairly captured in the current stock price."
Huang lowers FY12 EPS estimate from $0.31 to $0.19 and FY13 from $0.52 to $0.41. However, he moderates Q2/FY12 Jakafi sales to $33M/$150M from $42M/$168M.
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 $25.60 yesterday, with a 52 week range of $11.76-$26.30.
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Analyst, Ying Huang, said, "We remain cautiously optimistic as we track Jakafi's launch progress. While Q1 2012 Jakafi sales of $19.3mn handily beat consensus, the Street appears to be more reserved for the remainder of 2012. Although we are lowering our Jakafi estimates, we remain positively biased for a better-than-expected launch in the near term. However, fundamentally we maintain our 2-EW rating, as we believe the value of the Jakafi and baricitinib franchises is fairly captured in the current stock price."
Huang lowers FY12 EPS estimate from $0.31 to $0.19 and FY13 from $0.52 to $0.41. However, he moderates Q2/FY12 Jakafi sales to $33M/$150M from $42M/$168M.
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 $25.60 yesterday, with a 52 week range of $11.76-$26.30.
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