Wells Fargo Starts Incyte (INCY) at Market Perform; Believe ‘050 Could Become a Key Player
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Price: $120.16 -0.3%
Rating Summary:
17 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
17 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wells Fargo initiates coverage on Incyte (NASDAQ: INCY) with a Market Perform. $17-19 valuation range.
Wells analyst says, "We see a high probability that lead agent ruxolitinib reaches the market around year-end in myelofibrosis (MF) and ultimately achieves $1 billion in worldwide sales. Solid partnerships with NVS and LLY, a large opportunity for mid-stage Jak inhibitor INCB28050, and a robust research and development (R&D) engine should also provide the foundations for INCY’s longer-term growth. However, with high expectations likely already built in for ruxolitinib approval, difficultt0-predict dynamics for the launch, continued news flow for competitive agents, and major value-creating clinical data events more than a year away, near-term share upside potential could be limited. We would consider waiting until later in the year, or for a slight pullback, before adding to positions."
For more ratings news on Incyte click here and for the rating history of Incyte click here.
Shares of Incyte closed at $16.13 yesterday.
Wells analyst says, "We see a high probability that lead agent ruxolitinib reaches the market around year-end in myelofibrosis (MF) and ultimately achieves $1 billion in worldwide sales. Solid partnerships with NVS and LLY, a large opportunity for mid-stage Jak inhibitor INCB28050, and a robust research and development (R&D) engine should also provide the foundations for INCY’s longer-term growth. However, with high expectations likely already built in for ruxolitinib approval, difficultt0-predict dynamics for the launch, continued news flow for competitive agents, and major value-creating clinical data events more than a year away, near-term share upside potential could be limited. We would consider waiting until later in the year, or for a slight pullback, before adding to positions."
For more ratings news on Incyte click here and for the rating history of Incyte click here.
Shares of Incyte closed at $16.13 yesterday.
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