JMP Securities Transfers Coverage on Incyte (INCY), Upgrades to Market Outperform

JMP Securities analyst Reni Benjamin assumes primary coverage on Incyte (NASDAQ: INCY) with a Market Outperform rating and a price target of $107.00.

The analyst comments "We recommend shares based on the solid fundamentals surrounding the multi-billion dollar Jakafi franchise, which includes the recent approval in steroid refractory (SR) acute graft-versus-host disease (aGVHD), an expansive pipeline of clinical-stage therapeutics which we think remain under-appreciated by investors, marquee partners, including Novartis (NVS, NC) and Eli Lilly (LLY, NC), and a cash position of $1.7B. With a solid 2Q19 performance, strong fundamentals, a diverse pipeline, and a catalyst-rich second half of 2019, we believe Incyte shares represent limited downside (bear case scenario is $66) and significant potential upside (bull case scenario is $133)."

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 $77.62 yesterday.

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