Analyst Judah Frommer from Morgan Stanley maintained a Hold rating on Incyte and keeping the price target at $92.00.
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Judah Frommer’s rating is based on a combination of factors related to Incyte’s current position in the treatment landscape for myelofibrosis (MF) and essential thrombocythemia (ET). The discussions highlighted the potential of Incyte’s mCALR monoclonal antibody, INCA033989, following its Phase 1 data presentation. However, the treatment landscape remains complex, with a variety of treatment options and patient needs, which may limit the immediate impact of new therapies.
Additionally, the variability in patient responses and the prevalence of different mutations, such as JAK2 and CALR, suggest a nuanced approach to treatment, which may not immediately favor a strong buy recommendation. The ongoing development of CALR-targeted agents and the physician’s emphasis on clinical trials for relapsed or refractory cases further indicate a cautious outlook. These factors contribute to the Hold rating, reflecting a balanced view of potential opportunities and existing challenges in the market.
In another report released on December 11, RBC Capital also maintained a Hold rating on the stock with a $84.00 price target.