UPDATE: Canaccord Raises PT on Incyte Following Phase 2 RECAP Data Release
In a report published Wednesday, Canaccord Genuity analyst Salveen Richter reiterated a Buy rating on Incyte Corporation (NASDAQ: INCY), and raised the price target from $31.00 to $38.00.
In the report, Canaccord Genuity noted, “We spoke to management, who characterized the data as ‘very encouraging' and noted they want to move to Phase 3 as rapidly as possible. While we look to further details on the Phase 3 design (we expect enrollment to be limited to the subgroup) and the Phase 2 data at a medical meeting (possibly ASCO GI, Jan 16-18, San Francisco), we are encouraged by this data and model for peak U.S./E.U. sales in pancreatic cancer of $514M in 2023 ($385M to INCY). We look to the next key catalysts of 110 (JAK1) P1/2 data in psoriasis at EADV (Oct. 2-6, Istanbul), RA at ACR (Oct. 26-30, San Diego) and MF at ASH (Dec. 7-10, New Orleans) and Jakafi P2b in PV in Q1/14 (sNDA in 2014), which we expect to be positive. We are raising our PT to $38 from $31 on inclusion of Jakafi in pancreatic cancer to our model.”
Incyte Corporation closed on Tuesday at $33.00.
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