Promising Phase 1 Results for Incyte’s INCA033989 Support Buy Rating Amid Strategic Developments

Bank of America Securities analyst Tazeen Ahmad has maintained their bullish stance on INCY stock, giving a Buy rating today.

Tazeen Ahmad’s rating is based on the promising initial data from Incyte’s phase 1 study of INCA033989, which showed significant efficacy in normalizing platelet counts among ET patients with a mCALR mutation. The study results indicated that 86% of patients treated with doses of 400mg or higher achieved a hematologic response, suggesting the potential for disease modification. This positive outcome, coupled with the anticipation of further data from a larger cohort and longer follow-up, supports the Buy rating.
Tazeen Ahmad also considered the safety profile of INCA033989, which was generally well tolerated with no dose-related adverse effects. The collaboration with QGEN to develop a companion diagnostic tool is seen as a strategic move to enhance patient identification and market access. Despite potential limitations in real-world uptake due to the bi-weekly dosing schedule, the overall outlook for Incyte remains optimistic, with a price objective set at $89, reflecting confidence in the company’s future growth prospects.

In another report released today, TD Cowen also reiterated a Buy rating on the stock with a $86.00 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.