Finally this morning we have another company I covered in 09, Incyte Corporation (INCY) http://www.incyte.com/ currently trading in the $13.10 range. I covered INCY with a ‘Buy’ consideration for me and I’m sticking to it in the long-term. INCY was trading in the $2 range a year ago. INCY has staged a classic, textbook rise to over $14 in April of 2010. INCY has a 52-week high of $14.98 set on 04-12-10.
Drug developer INCY took a smaller loss in Q1 after getting larger payments from collaborators Eli Lilly and Co. and Novartis. INCY received $16.7 million in payments from its partners. INCY is in Phase II of its drug to treat rheumatoid arthritis and the last report declared ‘... all three doses were equally efficacious ...’ and that is big news.
INCY also has an inflammation drug collaboration with Pfizer and in Nov INCY it paired with Novartis to work on INCB18424 which is being tested as a treatment for the bone marrow disease myelofibrosis. INCY lost 30 cents in the last quarter, but expects revenue of $99 million to $101 million this year, up from its earlier guidance of $66 million to $68 million. The new outlook includes a $30 million milestone payment from Lilly, and $3 million from Pfizer.