Zacks Investment Research upgraded shares of Incyte Corporation (INCY) from NEUTRAL to OUTPERFORM on April 30, 2013, with a target price of $26.00.
Incyte turned to profit in the fourth quarter of 2012 on the back of strong revenues. Incyte's myelofibrosis drug Jakafi (known as Jakavi in Europe) has performed well since launch and is expected to keep doing so going forward. The company expects 2013 sales of Jakafi in the range of $210-$225 million. We believe that the experience gained from marketing Jakafi should be helpful for future product launches. The company is also looking to expand Jakafi's label. We are also encouraged by Incyte's association with big companies, such as Novartis and Eli Lilly. In view of these positives, we are upgrading Incyte to Outperform. We believe that there is significant scope for stock price appreciation. Our target price is $26.00 per share.
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