UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Lowers PT on Incyte Corporation

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In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on Incyte Corporation
INCY
, but lowered its price target from $26.00 to $24.00. BofA Merrill Lynch noted, “Our 2012 $133M estimate reflects a modest decline in patient starts from 2Q into 2H (225/month vs 250/month est), but continued patient discontinuations as INCY works through the initial bolus of very ill patients added early in the launch. Steady patient starts from 2Q through 2013 would add $2M in 2012 sales, but $17M in 2013 sales, coming close to current 2013 consensus. We currently assume 50-55% discontinuations over the first 12 months of therapy...We expect INCYs key pipeline product Jakafi to drive INCY to profitability and expect increasing pipeline value as the company's RA drug candidate moves into Phase 3 and investors gain additional visibility on INCY's earlier stage drug pipeline. Jakafi success in additional indications (esp PV) is important in our valuation.” Incyte Corporation closed on Tuesday at $20.01.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsBank of America Merrill Lynch
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