Oppenheimer Sticks to Its Hold Rating for Incyte Corp

By Austin Angelo

In a report released yesterday, Jay Olson from Oppenheimer reiterated a Hold rating on Incyte Corp (NASDAQ: INCY), with a price target of $135. The company’s shares closed yesterday at $130.49.

Olson wrote:

“We look forward to ASCO and anticipate greater clarity around the opportunity for epa in 1L NSCLC. Our updated view is influenced by ASCO abstracts and our expectations for additional data at ASCO. We believe the presentations at ASCO should help clarify INCY’s decisions to move epa into Ph 3 studies for NSCLC, UC, SCCHN and RCC. We are especially interested in incremental data points for epa + Keytruda in NSCLC where we increase our probability of success to 48% from 35% prior, which increases our 2030E risk-adjusted epa sales to $5.1B from $4.5B prior, driving our price target to $135 from $125 prior.”

According to TipRanks.com, Olson is a 1-star analyst with an average return of -0.3% and a 42.0% success rate. Olson covers the Healthcare sector, focusing on stocks such as Eiger Biopharmaceuticals, Intercept Pharma, and Axovant Sciences.

Incyte Corp has an analyst consensus of Strong Buy, with a price target consensus of $149.85.

The company has a one year high of $153.15 and a one year low of $71.75. Currently, Incyte Corp has an average volume of 2.22M.

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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.