Raymond James Thinks Incyte Corp’s Stock is Going to Recover

By Ryan Adsit

Raymond James analyst Reni Benjamin maintained a Buy rating on Incyte Corp (NASDAQ: INCY) today. The company’s shares opened today at $95.40, close to its 52-week low of $92.91.

Benjamin observed:

“Recommendation: We maintain our Outperform rating on INCY. Shares have taken a slow and steady drumming, as investors now call into question the potential of Epacadostat (Epa) in an ever-growing and complex I/O market place. That said, at the 2017 American Society of Hematology (ASH) meeting, Incyte had 30+ presentations focusing on everything but Epa, including Jakafi, INCB050465 (a PI3Kδ inhibitor), INCB053914 (a PIM inhibitor), and INCB057643 (a BRD inhibitor).”

According to TipRanks.com, Benjamin is ranked 0 out of 5 stars with an average return of -8.8% and a 34.2% success rate. Benjamin covers the Healthcare sector, focusing on stocks such as Invivo Therapeutics Holdings, Sciclone Pharmaceuticals.

Currently, the analyst consensus on Incyte Corp is Strong Buy and the average price target is $148.50, representing a 55.7% upside.

In a report issued on December 5, Cowen & Co. also assigned a Buy rating to the stock.

Based on Incyte Corp’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $382 million and quarterly net profit of $36.05 million. In comparison, last year the company earned revenue of $269 million and had a net profit of $36.88 million.

Based on the recent corporate insider activity of 93 insiders, corporate insider sentiment is negative on the stock.

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Incyte Corp. is a biopharmaceutical company, which engages in the discovery, development, and commercialization of proprietary therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late stage development, and a commercialized products JAKAFI (ruxolitinib), and ICLUSIG (ponatinib). The company was founded by Roy A.