Syeda Seirut Javed
2 min read
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Incyte Corporation (NASDAQ:INCY) is one of the top 10 S&P 500 winners of the day that Jim Cramer highlighted. Cramer appreciated the new CEO of the company, as he commented:
“We then have Incyte. That’s a biotech company. It just got a new CEO, Bill Meury. He’s an industry veteran, known as a deal maker. Makes sense. Meury was previously the CEO of Karuna Therapeutics, which he sold to Bristol Myers for a very nice premium, that better start working soon. Before that, he was… [the] chief commercial officer at Allergan. It’s a company famous for its deal-making.”
A small team of scientists in a lab, discovering new therapies to treat oncogenic drivers.
Incyte (NASDAQ:INCY) is a biopharmaceutical company that focuses on developing and commercializing therapies for cancer, inflammatory conditions, and rare diseases. The company provides a range of approved drugs and advances a diverse pipeline of clinical-stage candidates. On June 26, the company announced that its CEO of 11 years, Hervé Hoppenot, retired and was succeeded by the industry leader Bill Meury.
On the same day, RBC noted that Meury’s background in leading major biotech deals has raised some investor speculation about it becoming a potential M&A target. Nevertheless, Incyte’s position as a commercial-stage company and the expected loss of Jakafi exclusivity, which could cut earnings by 76% by the end of the decade, may limit that potential. RBC sees Meury’s experience as a positive for the company’s future and kept a Sector Perform rating with a $67 price target on the stock.
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Disclosure: None.
