JMP Securities analyst Reni Benjamin has reiterated their neutral stance on INCY stock, giving a Hold rating yesterday.
Reni Benjamin has given his Hold rating due to a combination of factors related to Incyte’s recent clinical trial outcomes and financial position. The results from the TRuE-PN1 and TRuE-PN2 Phase 3 trials for Opzelura, aimed at treating prurigo nodularis, showed mixed outcomes. While TRuE-PN1 successfully met its primary and secondary endpoints, TRuE-PN2 did not achieve a statistically significant difference in its primary endpoint, largely due to a high placebo response rate.
Despite the challenges faced in the TRuE-PN2 trial, the safety profile of Opzelura remained consistent, and no new safety concerns were identified. Additionally, Incyte’s solid cash position of $2.2 billion supports the view that the stock is fairly valued at its current level. Investors are also looking forward to the potential positive data from the upcoming povorcitinib Phase 3 trial in hidradenitis suppurativa, which could influence future valuations.
According to TipRanks, Benjamin is an analyst with an average return of -15.0% and a 29.15% success rate. Benjamin covers the Healthcare sector, focusing on stocks such as Blueprint Medicines, Incyte, and BeiGene.
In another report released yesterday, Stifel Nicolaus also maintained a Hold rating on the stock with a $77.00 price target.
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