Jefferies & Company Raises Incyte (INCY) Target Price To $19

Jefferies & Company analysts Thomas Wei, Thomas Nguyen and Shaunak Deepak maintained their Buy rating for shares of Incyte Corporation (Nasdaq: INCY) and raised the price target from $13 to $19 per share.

The analysts spoke to three of Incyte Corporation's investigators about the prospects of the company's Jak2 inhibitor INCB18424.

They said the feedback was positive regarding the Phase outcomes and the commercial prospects.

The Jefferies & Company analysts wrote, "we are raising our 2015 sales estimate from $785m to $881m to reflect higher penetration of 424 in MF. Our new 2015 estimate could still be low, given only 58%, 35% and 5% penetration of MF, PV, and ET populations, respectively, using what we consider to be conservative target population sizes relative to INCY's guidance. We are also reducing our discount rate to reflect increased confidence in the clinical and regulatory pathway for 424 in MF."