Analyst Tazeen Ahmad from Bank of America Securities maintained a Buy rating on Incyte (INCY – Research Report) and keeping the price target at $89.00.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Tazeen Ahmad has given his Buy rating due to a combination of factors, primarily centered around the promising initial data for Incyte’s mCALR monoclonal antibody (mAb). The expert hematologist consulted was optimistic about the potential of this therapy to modify diseases, particularly in essential thrombocythemia (ET), which represents a significant unmet medical need. The initial data showed a reduction in variant allele fraction (VAF), which is seen as a strong predictor of clinical benefit, although further validation is needed.
Additionally, the safety profile of the mCALR mAb appears favorable, with no major safety concerns observed so far, though larger studies are required to confirm this. The expert also noted the potential for increased uptake among mCALR patients, with the possibility of expanding use over time as more data becomes available. These factors, combined with the potential for positive outcomes in related conditions like myelofibrosis (MF), support the Buy rating and the price objective of $89, significantly higher than the current price of $68.85.
In another report released on June 3, Citi also maintained a Buy rating on the stock with a $88.00 price target.
INCY’s price has also changed slightly for the past six months – from $70.830 to $69.220, which is a -2.27% drop .
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue