NEW YORK, February 18 - Analysts at UBS maintain their "buy" rating on Incyte Corp  while reducing their estimates for the company. The 12-month target price has been raised from $14 to $15.
In a research note published on February 15, the analysts mention that the company’s JAK2 inhibitor programme is progressing rapidly across multiple indications, with two additional diseases scheduled for study in 1Q08. Incyte has guided to a cash burn of $128 million-$138 million in 2008 on account of 15 ongoing Phase II trials in the year, the analysts add. The EPS estimates for 2008 and 2009 have been reduced from -$1.18 to -$1.94 and from -$1.12 to -$1.70, respectively.
3/17/2008 9:50:43 AM Incyte Corp. (INCY) on Monday said it would announce the results from its initial meeting with the U.S. Food & Drug Administration at the Cowen and Company 28th Annual Health Care Conference, regarding the development of its lead JAK inhibitor, INCB18424, for myelofibrosis. Myelofibrosis is a serious neoplastic condition characterized by bone marrow failure, life-threatening splenic enlargement, and marked constitutional symptoms which adversely affect patients' quality of life.
The company said that over the next several months it would select the final dosing regimen and would work with FDA to finalize all aspects of these protocols. The company still expects to start the registration studies in the fourth quarter of the year.
Looks like the downtrend is broken and reverse up is taking place -soon 11$ will be tested.