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Investing.com - Citi maintained its buy rating and $88.00 price target on Incyte (NASDAQ:INCY), a $13.7 billion market cap pharmaceutical company with strong financial health, following the company’s leadership transition announcement. According to InvestingPro data, the company maintains robust financials with more cash than debt on its balance sheet.
Incyte announced Thursday that Bill Meury will succeed Hervé Hoppenot as President and CEO, as well as join the company’s Board of Directors. Hoppenot is retiring after 11 years of service, during which he transformed Incyte from a company with one approved drug to a multibillion-dollar platform delivering 17% revenue growth in the last twelve months. Discover more insights about Incyte’s performance in the comprehensive InvestingPro Research Report, available along with 12+ exclusive ProTips.
Julian Baker of Baker Brothers Advisors has been elected Chairman of the Board as part of the leadership changes at the pharmaceutical company.
Meury joins Incyte after serving as CEO at both Anthos Therapeutics and Karuna Therapeutics (NASDAQ:KRTX) in recent years. His leadership at both biotech companies culminated in strategic acquisitions by larger pharmaceutical firms, with Novartis (SIX:NOVN) acquiring Anthos and Bristol Myers (NYSE:BMY) Squibb purchasing Karuna.
Citi analyst David Lebowitz maintained the firm’s positive outlook on Incyte stock with the $88.00 price target unchanged following the announcement of the executive transition.
In other recent news, Incyte has announced the appointment of Bill Meury as its new President and Chief Executive Officer, following the retirement of Hervé Hoppenot. Meury, who brings extensive industry experience, previously served as CEO of Anthos Therapeutics and has held leadership roles at Karuna Therapeutics and Allergan (NYSE:AGN). Incyte has also reported that the U.S. Food and Drug Administration has extended the review period for its ruxolitinib cream (Opzelura), intended for treating pediatric atopic dermatitis, by three months to September 2025. This extension is to allow the FDA additional time to review new data submitted by the company. Additionally, the FDA has approved Monjuvi in combination with rituximab and lenalidomide for treating relapsed or refractory follicular lymphoma, marking a significant advancement for Incyte’s oncology portfolio. The approval was based on the Phase 3 inMIND trial, which showed improved progression-free survival for patients receiving the Monjuvi combination. Incyte continues to support patients prescribed Monjuvi through its IncyteCARES program, offering financial assistance and educational resources.
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