Leerink Partners analyst Andrew Berens has maintained their bullish stance on INCY stock, giving a Buy rating on March 10.
Andrew Berens’s rating is based on the recent data presented by Incyte regarding their product, Opzelura, which showed promising results in the Phase 3 TRuE-PN1 study for prurigo nodularis (PN). The study achieved its primary endpoint with a significant improvement in itch reduction compared to placebo, indicating the potential effectiveness of Opzelura. However, the parallel TRuE-PN2 study did not meet statistical significance due to a high placebo response, which introduces some uncertainty. Despite this, the pooled analysis of both studies was statistically significant, suggesting overall efficacy. Opzelura stands out as it could become the first topical treatment for PN, offering a unique position in the market compared to existing subcutaneous options like Dupixent and nemolizumab. Berens acknowledges the challenges due to the inconsistency between the trials but sees potential in Opzelura’s market positioning and the ongoing discussions with regulatory authorities.
Berens covers the Healthcare sector, focusing on stocks such as AstraZeneca, Incyte, and Blueprint Medicines. According to TipRanks, Berens has an average return of -7.4% and a 34.50% success rate on recommended stocks.
In another report released on March 10, Citi also maintained a Buy rating on the stock with a $88.00 price target.