Incyte (INCY) PT Raised to $146 at Nomura

Nomura Securities analyst M. Ian Somaiya reiterated a Buy rating and raised his price target on Incyte (NASDAQ: INCY) to $146.00 (from $126.00) after adding epacadostat revenues.

Somaiya commented, "We are raising our TP to $146 from $126 to reflect our increasing confidence in Incyte’s IDO-1 inhibitor epacadostat. We expect data from a Phase I/II trial of epacadostat in combination with Merck’s PD-1 inhibitor Keytruda in solid tumors at the Society for Immunotherapy of Cancer conference (Nov. 4-8) to support start of Phase III trials in 2016. Preliminary data published (Fig. 2-3) for the combination in an international patent application increases our confidence in a positive outcome. While we believe that R&D spend will rise above Street estimates in support of Phase III trials for epacadostat, our conversations with management indicate that Incyte’s pursuit of data-sharing agreements will keep costs down and lead to a more manageable rate of spending growth."

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 $120.83 yesterday.

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