As previously reported, Guggenheim downgraded Incyte (INCY) to Neutral from Buy and removed the firm’s previous $92 price target after the company reported topline results from two Phase 3 studies of povorcitinib in moderate to severe hidradenitis suppurativa. The firm thinks the product is approvable with data supporting clinical use when factoring in the differentiated mechanism of action, oral administration and favorable safety, despite the expected class boxed warning. However, it anticipates the “somewhat underwhelming clinical profile” may create potential headwinds to commercial uptake, the analyst tells investors.
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