Incyte drops as BMO downgrades on $2B buybacks [Seeking Alpha]
Incyte Corporation (INCY)
Last incyte corporation earnings: 2/13 07:00 am
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US:NASDAQ Investor Relations:
incyte.com/ir/investor-overview.aspx
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Source: Seeking Alpha
the potential consequences of the company's recently announced $2B share buybacks. The transaction targeted for up to $1.672B worth of Incyte's ( INCY ) common stock “appears to do little to increase shareholder value, while making it more difficult to acquire and expand the pipeline,” BMO's Evan David Seigerman wrote. With M&A capacity under pressure, attention now turns to the company's R&D engine, which, according to Seigerman, is overinvested, taking up as much as 47% of INCY's 2023 product sales. However, the analyst notes some of the company's recent clinical successes for drugs such as its oral JAK inhibitor, povorcitinib. Yet, he added that they target indications with smaller revenue contributions, and their potential is more weighted towards the latter part of the decade or 2030s amid an ongoing patent cliff for the company's blockbuster drug, Jakafi. With the rating change, Seigerman lowered his price target for INCY to $48 from $52 per share. Recommended For You
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News
- Incyte Co. (NASDAQ: INCY) had its "underperform" rating re-affirmed by analysts at BMO Capital Markets. They now have a $48.00 price target on the stock, down previously from $52.00.MarketBeat
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- Incyte Co. (NASDAQ: INCY) had its "neutral" rating re-affirmed by analysts at Cantor Fitzgerald.MarketBeat
INCY
Earnings
- 4/30/24 - Miss
INCY
Sec Filings
- 7/3/24 - Form 8-K
- 7/3/24 - Form 4
- 7/3/24 - Form 4
- INCY's page on the SEC website