Gold prices steady ahead of Fed decision; weekly weakness noted
Oppenheimer maintained its Outperform rating and $82.00 price target on Incyte (NASDAQ:INCY) Monday following the company’s presentation of early-stage clinical data for its novel cancer treatment at the European Hematology Association meeting. The company, currently trading at $67.75 with a market capitalization of $13.1 billion, appears undervalued according to InvestingPro analysis.
The data showcased results from 49 patients with essential thrombocytopenia who participated in the Phase 1 dose-ranging study of INCA033989, a novel monoclonal antibody targeting mutated calreticulin (mCALR). The treatment demonstrated favorable tolerability and showed potential disease-modifying effects in myeloproliferative neoplasm, a group of blood cancers.
Incyte appears to be expanding its development efforts for the treatment program, with a subcutaneous formulation already in development. The company also introduced a new mCALR bispecific program identified as INCA035784 during the presentation.
Oppenheimer expects these clinical results to be well-received by the medical and investment communities. The research firm indicated the data could provide increased confidence in Incyte’s long-term growth prospects beyond its flagship drug Jakafi, which faces future loss of exclusivity.
The positive clinical data represents an important development for Incyte as it works to diversify its product pipeline and secure future revenue streams in the competitive oncology market.
In other recent news, Incyte has reported several significant developments that could interest investors. The company presented promising early-stage clinical data for its mCALR-targeting monoclonal antibody at the European Hematology Association meeting, leading Jefferies to raise its price target for Incyte from $76.00 to $82.00 while maintaining a Buy rating. This decision was driven by the drug’s potential in treating essential thrombocythemia and the approaching loss of exclusivity for Incyte’s flagship drug, Jakafi, in 2028. In a similar vein, Stifel upgraded Incyte’s rating from Hold to Buy, significantly increasing its price target to $107.00. Stifel cited the impressive clinical trial results for Incyte’s INCA033989 drug, which demonstrated rapid and sustained clinical responses in patients with essential thrombocythemia.
Additionally, Incyte has expanded its partnership with Specialised Therapeutics to include two more oncology medicines in Australia, New Zealand, and Singapore. This agreement allows Incyte to handle development and manufacturing while Specialised Therapeutics manages regulatory approval and distribution. In corporate governance news, Incyte’s stockholders approved amendments to its stock incentive and employee stock purchase plans, increasing the shares available for issuance and extending the termination date of the stock incentive plan. Lastly, UBS maintained its neutral rating and $61.00 price target on Incyte, noting that investor focus is on the potential for a registration-enabling study for the mCALR program, pending discussions with the FDA.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.