Incyte’s Promising Developments in ET Treatment and Strategic Partnerships Drive Buy Rating

Analyst David Lebowitz from Citi maintained a Buy rating on Incyte (INCY – Research Report) and keeping the price target at $88.00.

David Lebowitz has given his Buy rating due to a combination of factors related to Incyte’s promising developments in the treatment of essential thrombocythemia (ET). The company has reported encouraging data for its first-in-class mutant CALR antibody, INCA033989, which demonstrated an impressive complete response rate in patients, without dose-limiting toxicities. This novel mechanism has shown potential as a true disease-modifying therapy, with significant reductions in peripheral blood mCALR variant allele frequency.
Moreover, the treatment was well-tolerated across various dose cohorts, with minimal severe adverse events reported. Incyte’s strategic partnership with QIAGEN to develop a diagnostic panel further strengthens its position in the market by enhancing the support for its developmental drugs. These factors, combined with an expected share price return of 29.9%, underpin Lebowitz’s optimistic outlook on Incyte’s stock.

In another report released yesterday, Stifel Nicolaus also upgraded the stock to a Buy with a $107.00 price target.

Based on the recent corporate insider activity of 84 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of INCY in relation to earlier this year.