Leerink Swann Reiterates Incyte (INCY) Outperform Rating
March 17, 2010 10:41 AM
Leerink Swann analysts Joshua Schimmer and Steve Y. Yoo reiterated their Outperform rating for shares of Incyte Corporation (Nasdaq: INCY) with a price target in "in the high-teens".
They said that with an SPA from the FDA for the INCB18424 Phase III program, Incyte Corporation is well on its way to becoming a leading MF option in the U.S. market, with annual sales as high as $300 million.
Because investors are waiting on results from Incyte Corporation's Phase II 3 month data for INCB28050 in RA, the analysts listed five reasons that they expect positive INCB28050 Data in RA.
The Leerink Swann analysts wrote, "we believe a number of independent datapoints all point in the direction of ‘050 showing solid clinical activity in the RA setting. While this will be the first clinical database for this compound, INCY has been very clear that it’s JAK-inhibition profile is nearly identical to that of 18424, which makes the cumulative experience with the ‘424 compound highly relevant in predicting ‘050 activity. Here we outline the key features that give us high confidence that the Phase II 28050 program will show compelling activity in rheumatoid arthritis."
