Cautious Optimism for Incyte’s INCA33989 Amid Promising Data and Uncertain Timelines

William Blair analyst Matt Phipps has maintained their neutral stance on INCY stock, giving a Hold rating yesterday.

Matt Phipps has given his Hold rating due to a combination of factors surrounding Incyte’s recent developments. The initial clinical data for the mutant CALR monoclonal antibody INCA33989 in essential thrombocythemia appears promising, showing strong efficacy. However, there are still unresolved questions regarding dosing differences between patient types and the optimal setting for the therapy’s use.
Additionally, while the safety profile seems favorable, with only minor adverse effects noted, the timeline for the pivotal trial and potential approval is a concern. The trial is expected to start in 2026 and could take several years to complete, likely extending beyond the exclusivity period of Jakafi. These factors contribute to the decision to maintain a Hold rating, reflecting a cautious optimism tempered by the uncertainties and timelines involved.

In another report released yesterday, Wells Fargo also maintained a Hold rating on the stock with a $59.00 price target.