UPDATE: Correction - Canaccord Genuity Maintains a 'Buy' on Incyte (INCY); Q2 and Guidance Raises Several Questions

August 3, 2012 10:25 AM EDT Send to a Friend
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Price: $47.91 -2.32%

Rating Summary:
    14 Buy, 3 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 6
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(Updated - August 3, 2012 10:29 AM EDT)

Correction - Canaccord Genuity maintains a 'Buy' on Incyte (NASDAQ: INCY) price target of $25.00.

Analyst, Salveen Richter, said, "Q2 Jakafi net revenue of $32.7M (sell-in method) suggests $65.4M in H2 at the current run-rate (with no patient additions or discontinuations) vs. the $64.3M required to meet the low end of guidance. We believe it raises the following questions: 1) Was Q4/11 and Q1/12 growth driven by a bolus of MF patients, specifically those that were severe (unable to join the COMFORT trials) indicating a lower new patient addition rate going forward?; 2) a higher discontinuation rate? (INCY expects it to be above the 14% (24 wks) to 18% (48 wks) seen in P3, likely 20-25%); and 3) conservative FY12 guidance? While all factors are likely playing some role in guidance, we believe management is opting for conservatism."

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 $19.57 yesterday.




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