Incyte Buyback Seen Luring Value Investors -- Market Talk

Dow Jones05-14

1506 ET - Incyte's massive stock buyback is treating investors' headaches about an upcoming patent cliff. Cantor Fitzgerald analyst Eric Schmidt said in a research note last month that the cancer drug Jakafi has a 2029 patent expiration, which is seen as a major risk for investors. The patent lapsing would strip Incyte of billions of dollars in potential revenue. He called for a major stock buyback, arguing it would demonstrate a drive to return value to shareholders and would lure in value investors. Schmidt got his wish on Monday, when Incyte announced a $2 billion stock repurchase program. Shares rise 8.1% to $57.34. (ben.glickman@wsj.com; @benglickman)

(END) Dow Jones Newswires

May 13, 2024 15:06 ET (19:06 GMT)

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