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UBS maintained its neutral rating and $61.00 price target on Incyte (NASDAQ:INCY) Wednesday, notably below the current trading price of $70. According to InvestingPro data, analyst targets range from $52 to $96, reflecting mixed sentiment on the stock. The investment firm’s decision follows a key opinion leader call with a hematology-oncology specialist focused on essential thrombocythemia.
UBS analyst Ashwani Verma noted that investor attention is primarily centered on whether a registration-enabling study can commence following the initial Phase 1 proof-of-concept study for Incyte’s mCALR program.
Based on discussions with Incyte management, the company will need to consult with the FDA about next steps before advancing the program. These discussions are expected to take place later this year.
The timing suggests that investors optimistic about the mCALR program may experience "delayed gratification on the potential upside case," according to UBS’s commentary.
Incyte, a biopharmaceutical company focused on novel medicines in oncology and other therapeutic areas, continues to develop its pipeline while maintaining its existing commercial portfolio. The company has demonstrated solid performance with 17% revenue growth in the last twelve months. For deeper insights into Incyte’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports.
In other recent news, Incyte has been the focus of several analyst updates and trial data presentations. The company recently released promising early data from a study involving mCALR in essential thrombocythemia, with significant improvements in platelet counts, noted by TD Cowen, who maintained a Buy rating with an $86.00 price target. Citi analysts also reaffirmed their Buy rating, highlighting proof-of-concept data for the mCALR inhibitor INCA33989, showing a 79% overall response rate in a Phase 1 trial. Meanwhile, Stifel analysts maintained a Hold rating with a $75.00 price target, citing both the potential and challenges of Incyte’s drug pipeline, including safety concerns with the BET inhibitor INCB057643.
JPMorgan analysts reiterated a Neutral rating with a $68.00 price target, mentioning the competitive landscape challenges, particularly against Merck (NSE:PROR)’s bomedemstat. They anticipate further updates from Incyte, including data on myelofibrosis. BMO Capital maintained an Underperform rating with a $52.00 price target, expressing caution over safety concerns related to the mCALR antibody and uncertainty about Incyte’s growth strategy beyond Jakafi. These developments reflect a diverse range of analyst perspectives on Incyte’s current and future prospects.
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