- JMP Securities reiterated its Market Outperform rating and increased the price target to $113 from $108 for Incyte Corporation INCY based on multiple discounted earnings per share and revenue analyses.
- Recently, Incyte's Opzelura (ruxolitinib cream) in vitiligo received FDA approval.
- JMP says, "despite the generic boxed warning of oral JAK inhibitors, we expect the vitiligo approval to usher in a new avenue of growth given the large unmet need and lack of competition."
- With two recent positive CHMP opinions (Jakavi in GVHD and Tabrecta in NSCLC), ruxolitinib is on track to generate sales of approximately ~$2.33 billion - $2.4 billion in 2022.
- With a rapidly growing commercial footprint with partners Novartis AG NVS and Eli Lilly And Co LLY and a cash position of $2.7 billion, the analysts view the sell-off as an opportunity to buy Incyte, with 35% potential downside (bear case is $50) and 62% potential upside (bull case is $125).
- Price Action: INCY shares are up 0.57% at $82.96 during the market session on the last check Thursday.
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