Incyte (INCY) Meeting Highlights Upside in Jakafi and Pipeline - BMO

BMO Capital analyst M. Ian Somaiya reiterated an Outperform rating and $126 price target on Incyte (NASDAQ: INCY) as a meeting with management highlighted upside in Jakafi and the pipeline.

Somaiya commented, "We highlight four key takeaways: 1) US Jakafi sales guidance in MF/PV should move higher following momelotinib setback (current guidance >$1.5B; BMO $2.5B), 2) We believe partner LLY could more aggressively pursue baricitinib label expansion following RA approval; 3) management would be surprised if epacadostat + PD-L1/PD-1 success is limited to melanoma given the mechanism of action; and 4) R&D spend in support of Phase III epacadostat trials and pipeline is more important than EPS growth in the near term. Next major catalyst remains epacadostat Phase 3 decision in 1H17E."

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 $102.02 yesterday.

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