Analyst Tazeen Ahmad of Bank of America Securities maintained a Buy rating on Incyte (INCY – Research Report), retaining the price target of $86.00.
Tazeen Ahmad’s rating is based on several promising developments in Incyte’s clinical trials and potential market opportunities. The phase 3 TRuE-PN1 trial for ruxolitinib cream in treating prurigo nodularis showed significant success, achieving primary and key secondary endpoints, which suggests a fast onset of response in patients. Although the TRuE-PN2 trial did not meet its primary endpoint, the positive trends in key secondary outcomes indicate potential for future success.
Furthermore, Incyte’s focus on the upcoming phase 3 data for povorcitinib in hidradenitis suppurativa is seen as a larger commercial opportunity, which could significantly enhance their dermatology franchise. The company’s proactive approach in discussing regulatory pathways for ruxolitinib cream and potential approval with only one positive trial adds to the optimistic outlook. These factors collectively support the Buy rating, with a price objective set at $86, reflecting confidence in Incyte’s strategic direction and growth potential.
Ahmad covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, Ascendis Pharma, and Sarepta Therapeutics. According to TipRanks, Ahmad has an average return of -2.3% and a 45.17% success rate on recommended stocks.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $88.00 price target.
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