William Blair analyst Matt Phipps has maintained their neutral stance on INCY stock, giving a Hold rating on October 20.
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Matt Phipps has given his Hold rating due to a combination of factors surrounding Incyte’s recent financial performance and strategic decisions. The company reported third-quarter revenues and earnings per share that exceeded both the firm’s and market expectations, primarily driven by the strong performance of Jakafi and other hematology/oncology products. However, despite these positive results, there are concerns regarding the discontinuation of certain pipeline projects, such as the BET inhibitor and the anti-CD122 antibody, due to safety issues and strategic prioritization.
Additionally, while Incyte has raised its revenue guidance for Jakafi and other products, the pending data on the mCALR antibody in myelofibrosis remains a point of uncertainty. The upcoming data update will be crucial for assessing the potential of this program. Given these mixed signals, with strong current performance but some future uncertainties, Phipps has opted for a Hold rating, suggesting a cautious approach until more clarity is obtained on the pipeline developments.
According to TipRanks, Phipps is a 3-star analyst with an average return of 1.5% and a 45.99% success rate. Phipps covers the Healthcare sector, focusing on stocks such as Merus, Bristol-Myers Squibb, and Upstream Bio, Inc..