Incyte Corp Gets a Hold Rating from Oppenheimer

By Jason Carr

Oppenheimer analyst Jay Olson assigned a Hold rating to Incyte Corp (NASDAQ: INCY) today and set a price target of $135. The company’s shares opened today at $119.92.

Olson noted:

“LLY presented promising baricitinib Ph2b proof-of-concept data in moderate-severe atopic dermatitis at EADV. Primary endpoint: after 16 weeks of treatment, 61% of patients on 4mg achieved a ≥50% reduction in their overall disease severity as measured by the Eczema Area and Severity Index (EASI-50) vs. 37% of patients treated with TCS alone with p=0.027 (p=0.065 for 2mg). The 4mg showed a stati sig difference at all time points. The 2mg just missed stat sig at 16 weeks because placebo patients were on a background of TCS. We see these POC results as solid considering TCS background with impressive data in the higher EASI baseline cohort. We are looking forward to the next steps with atopic dermatitis and also NDA re- submission in RA.”

According to, Olson is a 4-star analyst with an average return of 10.4% and a 57.9% success rate. Olson covers the Healthcare sector, focusing on stocks such as Eiger Biopharmaceuticals, CymaBay Therapeutics, and Intercept Pharma.

Currently, the analyst consensus on Incyte Corp is Moderate Buy and the average price target is $146.90, representing a 22.5% upside.

In a report released today, RBC Capital also initiated coverage with a Hold rating on the stock with a $136 price target.

The company has a one year high of $153.15 and a one year low of $79.75. Currently, Incyte Corp has an average volume of 1.36M.

Based on the recent corporate insider activity of 85 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of INCY in relation to earlier this year. Earlier this month, Paul Trower, the CAO of INCY bought 3,000 shares for a total of $53,370.

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Incyte Corp. is a biopharmaceutical company, which focuses on the discovery, development, development, formulation, manufacturing and commercialization of proprietary therapeutics to treat serious unmet medical needs, primarily in oncology. Its product, Jakafi, a JAK1 and JAK2 inhibitor, is currently approved in the U.S. for the treatment of intermediate or high-risk myelofibrosis and is in development as a potential treatment for other cancers. The companywas founded by Roy A. Whitfield in April 1991 and is headquartered in Wilmington, DE.