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INCY

Incyte

$64.02

-19.05 (-22.93%)

, MRK

Merck

$53.36

-1.17 (-2.15%)

07:17
04/09/18
04/09
07:17
04/09/18
07:17

Incyte price target lowered to $65 from $110 at Oppenheimer

Oppenheimer analyst Jay Olson lowered his price target for Incyte (INCY) to $65 from $110 following the update on the termination of ECHO-301 after epacadostat failed to show a PFS or OS benefit when combined with Merck's (MRK) Keytruda versus Keytruda alone. While the company plans to conduct subgroup analyses of ECHO-301 looking at various biomarkers such as PD-L1 expression and tumor mutational burden which may provide additional insights, the analyst sees no reason at this time to continue development of epacadostat as he considers it highly unlikely to demonstrate efficacy in other tumor types and/or combinations. Olson reiterates a Perform rating on Incyte's shares.

INCY

Incyte

$64.02

-19.05 (-22.93%)

MRK

Merck

$53.36

-1.17 (-2.15%)

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INCY Incyte
$64.02

-19.05 (-22.93%)

04/09/18
CANT
04/09/18
DOWNGRADE
Target $7
CANT
Neutral
Cantor downgrades NewLink with $7 target on added indoximod uncertainty
Cantor Fitzgerald analyst Mara Goldstein downgraded NewLink Genetics (NLNK) to Neutral from Overweight and cut her price target for the shares to $7 from $26. The analyst cites NewLink's decision to revisit the indoximod clinical program as the reason for the downgrade. Goldstein previously highlighted the differentiating factors between indoximod and Incyte's (INCY) epacadostat, but she now has reduced confidence given a "lack of decisive commentary" from NewLink management.
04/09/18
JEFF
04/09/18
DOWNGRADE
Target $4
JEFF
Hold
NewLink Genetics downgraded to Hold with $4 target at Jefferies
Jefferies analyst Biren Amin late Friday downgraded NewLink Genetics (NLNK) to Hold from Buy and cut his price target for the shares to $4 from $17. The stock closed Friday down 43%, or $3.12, to $4.20. The analyst does not see a scenario in which the company's IDO inhibitor can avoid the same fate as Incyte and Merck's epacadostat plus Keytruda failed study.
04/06/18
MZHO
04/06/18
NO CHANGE
Target $103
MZHO
Buy
Mizuho says failure of Incyte's epacadostat ups chances of Nektar takeover
Mizuho analyst Difei Yang raised her price target on Nektar Therapeutics (NKTR) to $103 from $89 after Incyte (INCY) announced this morning the failure of epacadostat in combination with Merck's (MRK) Keytruda in a phase 3 study in melanoma patients. Recent clinical data presented by Nektar reinforced her view of NKTR-214 as one of the most impressive combo agent for checkpoint inhibitors, said Yang, who believes that the failure of epacadostat raises the possibility of a takeout by Bristol-Myers (BMY) in the coming months. She maintains a Buy rating on Nektar shares, which are down 8.5% to $92.75 in afternoon trading.
04/06/18
04/06/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Incyte (INCY) downgraded to Neutral from Buy at Guggenheim and to Market Perform from Outperform at William Blair. 2. Ormat Technologies (ORA) downgraded to Perform from Outperform at Oppenheimer with analyst Noah Kaye citing valuation. 3. Sprague Resources (SRLP) downgraded to Underweight from Neutral at JPMorgan with analyst Andrew Burd citing the stock's year-to-date outperformance for the downgrade. 4. Banc of California (BANC) downgraded to Underperform from Neutral at BofA/Merrill with analyst Ebrahim Poonwala saying the company's new management team is working towards achieving its long-term strategic targets but is cautious on elevated execution risk given the balance sheet overhaul and lower quality deposit base. 5. Xilinx (XLNX) downgraded to Underweight from Neutral at JPMorgan with analyst Harlan Sur saying he believes multiple compression is likely with basestation deployment in China likely to decline in 2018. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
MRK Merck
$53.36

-1.17 (-2.15%)

04/06/18
CANT
04/06/18
NO CHANGE
Target $26
CANT
Overweight
Cantor says premature to assume NewLink trial will fail like Incyte's
NewLink Genetics' (NLNK) indoximod, which acts as a tryptophan mimetic rather than an IDO enzymatic inhibitor, has shown differentiated data versus Incyte's (INCY) epacadostat, Cantor Fitzgerald analyst Mara Goldstein tells investors in a research note. NewLink is trading down 37.5%, or $2.75, to $4.57 after Incyte announced that its ECHO-301 study of epacadostat plus Merck's (MRK) Keytruda versus Keytruda alone was unsuccessful in treating advanced melanoma. Goldstein thinks assuming failure of indoximod "may be premature," but she acknowledges that NewLink shares are likely to be pressured with the company's Phase III trial end likely over a year away. If indoximod is truly differentiated, however, NewLink shares will be higher than $26 given the "now likely limited competition," Goldstein contends. She reiterates an Overweight rating on the shares with a $26 price target.
04/06/18
WBLR
04/06/18
DOWNGRADE
WBLR
Market Perform
William Blair downgrades Incyte after metastatic melanoma study failure
William Blair analyst Katherine Xu downgraded Incyte (INCY) to Market Perform from Outperform after the company and partner Merck (MRK) announced that ECHO-301 did not meet one of the primary endpoints of improving progression-free survival and that overall survival, the other co-primary endpoint, was not expected to be met either. After taking epacadostat out of her model, the analyst's fair value estimate for Incyte drops to $88 from $170. The stock in premarket trading is down 21%, or $17.08, to $65.99. It is unclear whether the biomarker data derived from ECHO-301 could guide other Phase III studies, and whether the other Phase III studies are to continue, Xu tells investors in a research note. She sees the next key catalysts for Incyte shares as the baricitinib advisory panel on April 23, and data from Jakafi Phase II pivotal REACH1 study in steroid-refractory acute graft-versus-host disease in the first half 2018.

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$NSD

NASDAQ Market Internals

$0.00

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CCO

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$5.51

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Outfront Media

$21.01

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$5.51

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$NYE

NYSE Market Internals

$0.00

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FB

Facebook

$142.11

-2.14 (-1.48%)

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Clear Channel Outdoor

$5.21

-0.11 (-2.07%)

, OUT

Outfront Media

$20.64

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NICE

Nice Systems

$110.77

0.48 (0.44%)

13:11
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Conference/Events
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UNIT

Uniti Group

$18.54

-0.68 (-3.54%)

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AMRN

Amarin

$18.11

2 (12.41%)

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RYB

RYB Education

$7.51

-9.3 (-55.32%)

, BEDU

Bright Scholar

$10.34

-2.435 (-19.07%)

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RYB

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$7.51

-9.3 (-55.32%)

BEDU

Bright Scholar

$10.34

-2.435 (-19.07%)

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AVEO

Aveo Pharmaceuticals

$1.86

-0.04 (-2.11%)

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  • 27

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SPI

SPI Energy

$0.26

-0.001 (-0.38%)

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MMYT

MakeMyTrip

$23.74

-0.15 (-0.63%)

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TSLA

Tesla

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0.62 (0.18%)

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NURO

NeuroMetrix

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COST

Costco

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AAPL

Apple

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WSC

WillScot

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Conference/Events
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CME

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CSIQ

Canadian Solar

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KR

Kroger

$30.07

-0.22 (-0.73%)

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