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Stock Market & Financial Investment News

News Breaks
January 13, 2014
05:28 EDTINCYIncyte names Herve Hoppenot CEO
Incyte announced that Herve Hoppenot, former president of Novartis Oncology, has been named president and CEO of Incyte, effective immediately. Hoppenot, who also will join the Incyte board, succeeds Paul Friedman, M.D. Dr. Friedman is retiring and will continue to serve on the board.
News For INCY From The Last 14 Days
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February 12, 2016
07:01 EDTINCYIncyte price target lowered to $92 from $131 at Brean Capital
Brean Capital lowered its price target on Incyte to $92 from $131 to reflect the discontinuance of ruxolitinib studies in solid tumors, but noted that the company's Q4 results showed Jakafi sales beat expectations. Brean Capital maintained its Buy rating on Incyte shares.
February 11, 2016
16:34 EDTINCYOn The Fly: Top stock stories for Thursday
Stocks began the session deep in negative territory amid continued concerns about global growth, another drop in oil prices, renewed worries over the health of the European banking system after a poor report from Societe Generale and a surprise cut in interest rates by Sweden's central bank, putting its rates further into negative territory. Fed Chair Janet Yellen, who was giving her second day of "Humphrey-Hawkins" testimony, stayed the course and gave no indication that the central bank would change its current policy direction. The averages were jolted out their doldrums late in the day after The Wall Street Journal quoted a UAE Energy Minister as saying OPEC may consider a production cut, which brought oil off its lows and helped the average significantly cut their losses. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped to 269,000 last week, versus expectations for 280,000 first-time claims. Federal Reserve Chair Janet Yellen gave testimony to the Senate after presenting yesterday to members of the House of Representatives. In her testimony yesterday, Yellen said she was not certain whether she had the legal authority to cut rates into negative territory. However, other central banks around the world have recently been doing just that, with Sweden's Riksbank the latest. Sweden's central bank surprised analysts by cutting its main repo rate to minus 0.5% from minus 0.35%. Meanwhile, WTI crude oil settled down 4.5% at $26.21 per barrel, marking its lowest settlement since May 2003. Oil pared its losses in after-hours trading, however, after reports indicated that a UAE Energy Minister said OPEC members are ready to cooperate on a production cut. COMPANY NEWS: Shares of Cisco (CSCO) gained 9.6% to $24.68 after the company beat expectations for both sales and earnings, raised its dividend by 24% and approved a $15B increase to its stock repurchase program. On the opposite end of the Dow, Boeing (BA) dropped 6.8% to $108.45 after Bloomberg said the SEC is investigating its accounting and projections for its 787 Dreamliner and the 747 programs... Twitter (TWTR) dropped 4.5% to $14.31 after the company reported that its user base was flat last quarter. Research firm Pacific Crest responded to the news by downgrading the stock, with analyst Evan Wilson saying the stock may fall to as low as $11 per share as the "hope trade" ends... Tesla (TSLA) unexpectedly reported sharp losses for its fourth quarter, but its stock rallied 4.7% after the electric carmaker also projected that it will deliver 80,000-90,000 vehicles in 2016. MAJOR MOVERS: Among the notable gainers was The Fresh Market (TFM), which jumped 22% after Reuters reported that supermarket giant Kroger (KR) is in the second round of bidding for its smaller rival. Also higher was Pandora (P), which advanced 8.5% after the New York Times said the music service operator has held talks about selling the company and is working with Morgan Stanley to meet potential buyers. Also rising were shares of WebMD (WBMD), which added 4% after Ben Harrington said on his Betaville blog that the company is rumored to be working with Moelis to try to broker a deal with Walgreen Boots Alliance (WBA). Among the noteworthy losers was Mylan (MYL), which fell 18% after it reported quarterly earnings and announced it would buy Meda Aktiebolag for $9.9B. Incyte (INCY) fell 9.4% after the company reported earnings and said it would halt studies of its ruxolitinib drug to treat certain cancer tumors. Also lower were shares of Hampton Roads Bankshares (HMPR) which fell nearly 9% after agreeing to merge with Xenith Bankshares (XBKS). Xenith rose 1.5% following the deal announcement. INDEXES: The Dow fell 254.56, or 1.6%, to 15,660.18, the Nasdaq lost 16.75, or 0.39%, to 4,266.84, and the S&P 500 dropped 22.78, or 1.23%, to 1,829.08.
13:49 EDTINCYAnalysts say buy Incyte following plunge on cancer trial news
Biopharmaceutical firm Incyte (INCY) has plunged after disclosing that it would halt studies of its ruxolitinib drug to treat certain cancer tumors, with the news appearing to overshadow its solid fourth quarter results. In the wake of the news and the subsequent slide, multiple Wall Street analysts have issued notes defending the shares. FOURTH QUARTER RESULTS: Incyte reported fourth quarter earnings per share of 29c versus estimates for 9c, and company-wide revenue of $243.88M against expectations for $225.92M. Sales of the company's Jakafi product, also known as ruxolitinib, were $182M, a 72% increase over the previous year's Q4 results. The company forecast 2016 Jakafi sales of $800M-$815M, and guided overall R&D expenses to $620M-$640M. Perhaps more notably, the company also announced that it has terminated development of ruxolitinib for the possible treatment of solid cancer tumors. Incyte's decision came after an early analysis in late January did not show sufficient drug efficacy to continue a study, leading the company to now wind down its trials of ruxolitinib in pancreatic, colorectal, breast, and lung cancers. BUY RATINGS MAINTAINED: Cowen analyst Eric Schmidt maintained his Outperform rating on Incyte shares in the wake of today's financial results and ruxolitinib news. The company's quarterly results were "solid," with Jakafi appearing to be expanding solidly into treatment of polycythemia vera alongside steady organic growth in treating myelofibrosis, Schmidt said, adding that Incyte's guidance for the drug appeared conservative. That said, the decision to terminate its exploration of ruxolitinib in solid tumors is "disappointing" and could even mistakenly color investor perception of the company's epacadostat product, though Schmidt cautions that he thinks the ruxo cancer program was being accorded less than $10 per share in valuations of Incyte. Jefferies analyst Brian Abrahams reiterated his Buy rating and $106 price target on Incyte Thursday. Company results were "generally solid," and though its Jakafi sales outlook was slightly below estimates, Incyte typically leaves room for upside, the analyst said. The discontinuation of the Jakafi cancer studies is a negative headline, but Abrahams argued that the cancellation was already written out of expectations after the efficacy problem and trial halt previously reported in late January. Abrahams noted that he continues to see "good" growth opportunities for Jakafi in its existing, non-cancer indications, while other hematological conditions as well as topical treatment of alopecia areata could provide "meaningful" upside. NEGATIVE, BUT EXPECTED: Echoing the positive take by Schmidt and Abrahams, JPMorgan analyst Cory Kasimov backed his Overweight rating on the shares Thursday, noting that he too had already stripped most of the roxo cancer program out of his Incyte financial models. However, Kasimov cautioned that the news was likely to produce overselling today, given that the program was viewed as a growth pillar heading into 2016, with that pressure now being squarely placed on the company's IDO program. PRICE ACTION: Shares of Incyte have plunged about 15% to $61.60 in afternoon trading.
12:27 EDTINCYOn The Fly: Top stock stories at midday
U.S. stocks are having another awful session as markets around the world continue to slide. The culprits are many: the prospects of slower global growth, the diminished power of central banks to prop up the markets, lower oil prices, renewed concern over the European banking system and the deleterious effect of negative interest rates are all being pointed to as contributors. Adding another dagger to the Dow is the slide in Boeing (BA), which is down nearly 10% following a report that the SEC is looking into its accounting practices. The Dow is leading the market lower with losses of about 2%, but the Nasdaq and S&P are sharply lower as well. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped to 269,000 last week, versus expectations for 280,000 first-time claims. Federal Reserve Chair Janet Yellen is back on Capitol Hill this morning, this time in front of the Senate after giving testimony yesterday to members of the House of Representatives. In her testimony yesterday, Yellen said she was not certain whether she had the legal authority to cut rates into negative territory. However, other central banks around the world have recently been doing just that, with Sweden's Riksbank the latest. Sweden's central bank surprised analysts by cutting its main repo rate to minus 0.5% from minus 0.35%. In Asia, Hong Kong markets re-opened after being closed in the first three days of the week for the New Year holiday and closed deeply in the red, catching up with recent global stock weakness. COMPANY NEWS: Shares of Cisco (CSCO) advanced 9% after the company beat expectations for both sales and earnings, raised its dividend by 24% and approved a $15B increase to its stock repurchase program. The stock was virtually the only bright spot for the Dow, which saw almost every other bluechip member slide, led by laggard Boeing after Bloomberg said the SEC may investigate its accounting and projections for its 787 Dreamliner and the 747 programs... The shares of Twitter (TWTR) are falling and hit a new 52-week low earlier in the session after the company reported that its user base was flat last quarter. Research firm Pacific Crest responded to the news by downgrading the stock, with analyst Evan Wilson saying the stock may fall to as low as $11 per share as the "hope trade" ends... Tesla (TSLA) unexpectedly reported sharp losses for its fourth quarter, but its stock rallied 7% after the electric carmaker also projected that it will deliver 80,000-90,000 vehicles in 2016. MAJOR MOVERS: Among the noteworthy gainers was Expedia (EXPE), which rallied 10% following the company's Q4 earnings report. Also higher were j2 Global (JCOM) and TripAdvisor (TRIP), which gained 16% and 17.5%, respectively, after reporting quarterly earnings. Among the notable losers was Mylan (MYL), which fell 18% after it reported quarterly earnings and announced it would buy Meda Aktiebolag for $9.9B. Also lower were Incyte (INCY), which fell 18.5% after the company reported earnings and said it was discontinuing studies of ruxolitinib for pancreatic cancer. Avon Products (AVP) and Monster Worldwide (MWW), slid 14% and 31%, respectively, after their own quarterly reports. INDEXES: Near midday, the Dow was down 351.43, or 2.21%, to 15,563.31, the Nasdaq was down 54.49, or 1.27%, to 4,229.10, and the S&P 500 was down 33.49, or 1.81%, to 1,818.37.
11:36 EDTINCYIncyte price target lowered to $65 from $125 at Piper Jaffray
Piper Jaffray analyst Joshua Schimmer is removing about $1B of Jakafi solid tumor sales in both the U.S. and outside of the U.S. after Incyte said it is stopping development of Jakafi for treatment of pancreatic cancer on the heels of a failed trial in colorectal cancer. Schimmer said he still has confidence in the company's ability to identify attractive product opportunities, noted that its earlier stage pipeline has some programs which could prove quite compelling and believes baricitinib should be approved and has reasonable prospects. The analyst cut his price target on the stock to $65 from $125, but maintains an Overweight rating on the shares, as he believes the Jakafi solid tumor news is now reflected in the stock's valuation after today's pullback.
09:47 EDTINCYIncyte solid tumor program had less than $10/share value, says Cowen
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09:43 EDTINCYIncyte solid tumor discontinuation mostly expected, says Jefferies
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09:40 EDTINCYJakafi trial ends not Incyte 'thesis killer,' says JPMorgan
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09:21 EDTINCYOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Expedia (EXPE), up 8.4%... Tripadvisor (TRIP), up 10.8%... Cisco (CSCO), up 6%... LendingClub (LC), up 8.8%... Tesla (TSLA), up 3.5%... Shire (SHPG), up 3.1%. ALSO HIGHER: 3D Systems (DDD), up 13.4% after reporting preliminary Q4 revenue. DOWN AFTER EARNINGS: Flowers Foods (FLO), down 17.7%... Incyte (INCY), down 14.3%... LivePerson (LPSN), down 16.7%... Twitter (TWTR), down 5.5%... Mylan (MYL), down 12.5%... PepsiCo (PEP), down marginally. ALSO LOWER: Visa (V), down 3% after being downgraded to Neutral from Buy at BofA/Merrill... Mastercard (MA), down 3% after being downgraded to Neutral from Buy at BofA/Merrill.
07:08 EDTINCYIncyte sees epacadostat entering Phase 3 during 1H16
Incyte (INCY) said its position in the field of JAK inhibition is demonstrated by the ongoing commercial success of Jakafi and by the recent submissions, by Eli Lilly and Company (LLY), seeking regulatory approval of baricitinib for the treatment of rheumatoid arthritis. Baricitinib was licensed to Lilly by Incyte, and met the primary endpoint in all four of its global Phase 3 studies. If approved, Lilly expects to launch baricitinib in early 2017. In addition, epacadostat, Incyte's first-in-class IDO1 inhibitor, is expected to enter Phase 3 during the first half of 2016 in first-line advanced or metastatic melanoma in combination with Merck & Co's pembrolizumab. Multiple Phase 2, tumor-specific, expansion cohorts of epacadostat in combination with anti-PD-1 and anti-PD-L1 checkpoint modulators are also underway.
07:07 EDTINCYIncyte sees FY16 Jakafi revenue $800M-$815M
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07:05 EDTINCYIncyte reports Q4 EPS 29c, consensus 9c
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06:58 EDTINCYIncyte discontinuing studies of ruxolitinib for pancreatic cancer
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February 10, 2016
14:32 EDTINCYNotable companies reporting before tomorrow's open
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11:21 EDTINCYIncyte rises after competitor drug put on hold by FDA
Shares of Incyte (INCY) are rising after a competitor's myelofibrosis drug was placed on full clinical hold by the FDA. WHAT'S NEW: CTI BioPharma (CTIC) announced Tuesday night that it received notice from the FDA that its Investigational New Drug Application for pacritinib had been placed on full clinical hold. Under the full clinical hold, all patients currently on pacritinib must discontinue the drug immediately and no patients can be enrolled or start pacritinib as initial or crossover treatment. CTI BioPharma withdrew its New Drug Application until the company has had a chance to review the safety and efficacy data from the PERSIST-2 Phase 3 clinical trial and decide next steps. Previously, on February 8, CTI BioPharma had announced the drug was on partial clinical hold. ANALYST REACTION: Leerink analyst Michael Schmidt said that while he didn't view CTI BioPharma's pacritinib as a significant threat to Incyte's Jakafi franchise in myelofibrosis, he believes the "surprising" setback of a potential competitor should remove a small overhang on Incyte shares. Leerink has an Outperform rating and $118 price target on Incyte shares. Meanwhile, CTI BioPharma was downgraded by analysts at Piper Jaffray, WallachBeth and Ladenburg. Among them, WallachBeth's Bob Ai downgraded CTI to Sell with a 0c price target, saying he sees no reason to hold the stock. PRICE ACTION: Shares of Incyte gained 3.4% to $74.71 in late morning trading, while shares of CTI BioPharma plunged 41% to 29c.
08:20 EDTINCYPacritinib hold an incremental positive for Incyte, says Leerink
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