Leerink Partners analyst Andrew Berens maintained a Buy rating on Incyte (INCY – Research Report) on June 20 and set a price target of $96.00.
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Andrew Berens has given his Buy rating due to a combination of factors including the recent FDA approval of Monjuvi for use in combination with rituximab and lenalidomide in second-line and beyond follicular lymphoma. This label expansion builds on Monjuvi’s existing approval in second-line and beyond diffuse large B-cell lymphoma, which has already generated significant sales. The approval was supported by the inMIND trial results, which demonstrated a notable improvement in median progression-free survival compared to the control group.
Despite the competitive landscape in relapsed/refractory follicular lymphoma, with other treatments like Brukinsa and bispecific T-cell engagers available, Monjuvi’s positioning in the second-line setting may offer an advantage, especially in community settings where managing the side effects of other treatments can be challenging. The updated model reflects increased confidence in Monjuvi’s potential, projecting substantial worldwide revenue by 2032, and maintaining a price target of $96.
In another report released on June 16, 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.