JMP reiterates Incyte at buy

Incyte Corp. was reiterated by JMP Securities analyst Adam Cutler at a strong buy rating after the company announced that it signed a research and license agreement with Pfizer for development, manufacturing and marketing of novel oral CCR2 antagonists. The company receives $40 million upfront and up to $473 million in milestone payments. JMP said it believes the deal validates the potential of Incyte's drug discovery and development effort. Shares of the Wilmington, Del., drug discovery company were up 11 cents, or 1.88%, at $5.97 on volume of 3,297,570 shares versus the three-month running average of 1,364,600 shares.

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