Incyte (INCY) PT Raised to $107 at Oppenheimer

Oppenheimer analyst Jay Olson raised the price target on Incyte (NASDAQ: INCY) to $107.00 (from $90.00) while maintaining a Outperform rating.

The analyst comments "This morning, INCY announced the acquisition of Vega Therapeutics, adding Ph3-ready VGA039, a first-in-class Protein S modulator for von Willebrand disease (VWD). As Jakafi LOE remains a key focal point for INCY, we view the deal favorably, given: 1) compelling early efficacy (81% ABR reduction across all Ph1/2 patients); 2) differentiated monthly SC administration compared to burdensome SoC requiring IV infusion multiple times per week; and 3) strategic fit within INCY’s hematology franchise that should enable clinical and commercial synergies as VGA039 recruits in Ph3. We believe VGA039 represents a potentially meaningful long-term growth asset with a plausible ~$1B+ opportunity that could diversify revenue and provide incremental cushioning around Jakafi LOE. We now reflect VGA039 in our model, driving our new $107 PT vs. $90 prior."

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