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Incyte Corporation Message Board

  • umcc2012 umcc2012 Oct 31, 2013 8:36 PM Flag

    Rachel McMinn just raised her number from 46 to 48

    Jacosa, our girl had very positive comments about INCY. I'm sure you've seen the report...good stuff.

    Sentiment: Strong Buy

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    • Thanks. Actually I hadn't seen it yet. Nice to have the best in the business saying that there's plenty of upside. But I have to say that this isn't her best work, digging up things that are hidden from us slug-a-beds. Incyte is a story that doesn't fit into Graham and Dodd (and Murray and Cottle) analysis, but her bosses demand that sort of presentation. I mean seriously--using 11% WACC for a company that's retiring 4.5% bonds?!?! (and DO read the afterword to The Intelligent Investor--formal security analysis can keep you in the game, but with GEICO in front of you looking like pirate treasure, you'd best be able to tweak your analysis to fit your beliefs). Perhaps there's a good reason why she considers Bari for RA less valuable than Jakafi for MF, but it isn't visible. Management must tremble before the Great and Powerful FDA, and must never speak approvingly of off-label use, but rather than hinting at possible label expansion after an expanded p2 [hey, Roche can maybe swing that, but hardly Incyte...and anyway, a Roche p2 probably has as many patients and as much statistical machinery as an Incyte p3], she might as well say that cowboy oncologists are a possible growth driver.

    • phenomenal news!

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