Analyst Tazeen Ahmad from Bank of America Securities reiterated a Buy rating on Incyte and increased the price target to $118.00 from $114.00.
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Tazeen Ahmad has given his Buy rating due to a combination of factors, primarily driven by the promising data presented by Incyte for their mCALR mAb (INCA033989) in the treatment of myelofibrosis (MF). The updated data from the ASH presentation highlighted significant anemia response rates and favorable safety profiles in both monotherapy and combination therapy with Jakafi, indicating a differentiated and potentially transformative treatment approach.
Furthermore, the management’s strategic plans to accelerate development in essential thrombocythemia (ET) and MF, along with the initiation of registrational trials, underscore the commercial potential of ‘989. The analyst’s confidence is bolstered by the increased gross pipeline value and the positive outlook from key opinion leaders, who see ‘989 as addressing unmet needs in ET and MF. These elements collectively justify the Buy rating, with a raised price objective reflecting the anticipated market opportunities.
In another report released today, Mizuho Securities also upgraded the stock to a Buy with a $121.00 price target.