Morgan Stanley analyst Judah Frommer maintained a Hold rating on Incyte today and set a price target of $92.00.
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Judah Frommer has given his Hold rating due to a combination of factors surrounding Incyte’s recent developments. The updated Phase 1 data for their mutant CALR antibody, INCA033989, in myelofibrosis patients shows promise, particularly in terms of safety and potential first-line use. However, the data is still in early stages with a small sample size, especially among JAK-naïve patients, which introduces uncertainty in the efficacy outcomes.
Further work is needed to refine dosing, administration routes, and to establish a more robust safety database. The company’s plan to move into pivotal studies is a positive step, but the need for additional data and regulatory discussions, such as anemia improvement as a primary endpoint, suggests a cautious approach. These factors contribute to the Hold rating, reflecting a balanced view of potential risks and rewards.
According to TipRanks, Frommer is a 4-star analyst with an average return of 4.7% and a 55.74% success rate. Frommer covers the Healthcare sector, focusing on stocks such as Incyte, Galapagos, and Kymera Therapeutics.