Incyte (NASDAQ:INCY) is a mid-cap biopharmaceutical company that develops kinase inhibitors with broad applications for cancers and inflammatory diseases. The unique aspect of this company is that it has secured several corporate partners to co-develop its drug candidates. While the partnership validates its business strategy, one might ask whether Incyte has traded off its huge revenue upside with modest but secured royalty streams. It is no wonder that Street analysts have issued a wide range of price targets for INCY (high $36, low $14). Currently trading at around $19-$20 with a $2.7B market cap, how do we know if it is under-valued or over-valued? We decided to cover Incyte in a 3-part report to address several key issues....
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