Incyte Should Consider Significant Stock Buyback And Prioritize R&D, Analyst Recommends
Incyte Should Consider Significant Stock Buyback And Prioritize R&D, Analyst Recommends
Tuesday, Incyte Corporation (NASDAQ:INCY) agreed to acquire Escient Pharmaceuticals for $750 million.
週二，Incyte Corporation（納斯達克股票代碼：INCY）同意以7.5億美元的價格收購Escient Pharmicals。
Escient's pipeline includes EP262, a small molecule antagonist of Mas-related G protein-coupled receptor X2 (MRGPRX2), and EP547, a first-in-class oral MRGPRX4 antagonist.
Escient的產品線包括MAS相關G蛋白偶聯受體X2（MRGPRX2）的小分子拮抗劑 EP262 和同類首創的口服 MRGPRX4 拮抗劑 EP547。
"EP262 and EP547 are complementary additions to our portfolio, providing an opportunity to leverage our expertise, address the needs of patients with inflammatory diseases, and additional potential launch opportunities starting in 2029," said Hervé Hoppenot, Incyte's CEO.
Incyte首席執行官HervéHoppenot表示：“EP262 和 EP547 是我們產品組合的補充補充，爲利用我們的專業知識、滿足炎症性疾病患者的需求提供了機會，並從2029年開始有更多潛在的上市機會。”
With this update, Cantor Fitzgerald has initiated coverage on Incyte with a Neutral rating.
在這次更新中，坎託·菲茨傑拉德已開始對Incyte進行報道，評級爲中性。
The Cantor analyst suggests that Incyte's shares are undervalued primarily due to the cash and expected cash flow from Jakafi and Opzelura but expresses reservations about the company's pipeline prospects.
坎託分析師表示，Incyte的股票被低估的主要原因是來自Jakafi和Opzelura的現金和預期現金流，但對該公司的管道前景表示保留。
However, Incyte's stock has declined by 31% in the past year due to concerns about the 2029 patent expiration for Jakafi, its high-margin drug.
但是，由於擔心其高利潤藥物Jakafi的專利將於2029年到期，Incyte的股票在過去一年中下跌了31％。
Both growth and value investors are hesitant to support the company's current strategy. Value investors particularly note Incyte's reluctance to return cash to shareholders. A major stock buyback before pivotal pipeline updates could alleviate concerns and bolster valuation.
成長型和價值投資者都對支持公司當前的戰略猶豫不決。價值投資者特別注意到Incyte不願向股東返還現金。在關鍵管道更新之前進行重大股票回購可以緩解擔憂並提振估值。
The analyst questions Incyte's ability to allocate over 40% of its revenue to R&D efficiently and suggests prioritizing high-return pipeline candidates.
該分析師質疑Incyte是否有能力將其收入的40％以上有效地分配給研發，並建議優先考慮高回報的候選人。
Cantor highlights the potential value of acquiring U.S. rights to MorphoSys AG's (NASDAQ:MOR) pelabresib, which could complement Jakafi.
坎託強調了收購MorphoSys AG（納斯達克股票代碼：MOR）pelabresib的美國版權的潛在價值，這可能會補充雅卡菲。
Despite optimism for certain pipeline assets like povorcitinib, the analyst remains cautious about others lacking differentiation or strong scientific rationale.
儘管對波伏西替尼等某些管道資產持樂觀態度，但分析師對其他缺乏差異化或有力科學依據的資產仍持謹慎態度。
William Blair suggests that although the approval of another significant asset by the end of the decade will benefit Incyte in the long term, investors are seeking assets that can generate revenue before the patent exclusivity of Jakafi expires in 2028.
威廉·布萊爾表示，儘管在本十年末批准另一項重要資產將使Incyte長期受益，但投資者正在尋找能夠在Jakafi專利獨家經營權於2028年到期之前產生收入的資產。
They maintain their positive outlook on Incyte, emphasizing that favorable Phase 3 results with povorcitinib in hidradenitis suppurativa in 2025 could alter perceptions and reaffirm their recommendation to Outperform.
他們維持對Incyte的樂觀展望，強調2025年使用povorcitinib治療化膿性汗腺炎的第三階段的良好結果可能會改變人們的看法，並重申他們對跑贏大盤的建議。
Regarding the Escient deal, William Blair highlights the intriguing potential of the MRGPRX2 target. Initial data in chronic inducible urticaria suggests that EP262 complements the company's existing inflammation and immunology franchises, tapping into significant market opportunities.
關於Escient協議，威廉·布萊爾強調了 MRGPRX2 目標的有趣潛力。慢性誘發性蕁麻疹的初步數據表明，EP262 補充了公司現有的炎症和免疫學特許經營權，挖掘了重要的市場機會。
Price Action: INCY shares are up 0.25% at $52.05 at the last check Tuesday.
價格走勢：在週二的最後一次檢查中，INCY股價上漲0.25％，至52.05美元。
Illustration of Phrama lab worker created with MidJourney.
使用 MidJourney 創作的 Phrama 實驗室工作人員的插圖。
譯文內容由第三人軟體翻譯。