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Incyte Upgraded To Buy From Neutral At UBS

By Kurt Osterberg · On April 12, 2018

UBS analyst Carter Gould upgraded Incyte (INCY) to Buy while lowering his price target for the shares to $76 from $106.

The stock offers an improved risk/reward profile after resetting lower on negative epacadostat Phase 3 data and removal of the drug from analyst models, Gould tells investors in a research note. The focus on epacadostat “obscured an otherwise solid, profitable, and strategically attractive Jakafi franchise,” the analyst contends. He believes the base business alone supports $65 per share, even before considering its “compelling strategic attractiveness.”

Incyte closed yesterday down $1.83 to $66.29. Gould thinks clinical catalysts against low expectations can drive $13-$17 per share of upside over 2018.
 

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