Oppenheimer Releases a Hold Rating on Incyte Corp

By Carrie Williams

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 closed yesterday at $138.27.

Olson wrote:

“INCY shares rallied (+11% vs NBI +2% and S&P500 flat 8/29) as partner LLY announced plans to resubmit the NDA for baricitinib sooner than expected. Recent FDA discussions resulted in LLY’s updated plan to resubmit the baricitinib NDA before end of January 2018 triggering a six-month review. Previously, LLY announced (7/25) the resubmission would require at least 18 months and likely involve a new trial. We understand the updated plan does not require a new trial but will include new clinical data from ongoing trials and post-marketing surveillance in countries where baricitinib is already approved (EU and Japan).”

According to TipRanks.com, Olson is a 4-star analyst with an average return of 7.3% and a 55.4% success rate. Olson covers the Healthcare sector, focusing on stocks such as Eiger Biopharmaceuticals, CymaBay Therapeutics, and Intercept Pharma.

Incyte Corp has an analyst consensus of Moderate Buy, with a price target consensus of $147.88.

Based on Incyte Corp’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $326 million and GAAP net loss of $12.48 million. In comparison, last year the company earned revenue of $246 million and had a net profit of $34.43 million.

Based on the recent corporate insider activity of 79 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. Most recently, in June 2017, Eric H. Siegel, the EVP & GC of INCY bought 1,292 shares for a total of $86,127.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.