In a report released yesterday, Tazeen Ahmad from Bank of America Securities maintained a Buy rating on Incyte (INCY – Research Report), with a price target of $86.00.
Tazeen Ahmad has given his Buy rating due to a combination of factors related to Incyte’s promising developments and market positioning. The recent phase 3 trials for povorcitinib in treating moderate-to-severe hidradenitis suppurativa (HS) met their primary endpoint, showing efficacy comparable to existing biologics. Although the results did not surpass expectations set by phase 2 trials, the unmet need in the HS market and the drug’s unique oral administration and mechanism of action present a significant opportunity.
Furthermore, the safety profile of povorcitinib is favorable, with no major adverse cardiovascular or thromboembolic events reported, which is crucial for patients with comorbidities. The rapid onset of pain reduction observed in trials addresses a key unmet need in HS treatment. These factors, combined with the potential for povorcitinib to serve refractory patients, support the Buy rating, alongside a price objective of $86, reflecting confidence in Incyte’s pipeline and market potential.
According to TipRanks, Ahmad is an analyst with an average return of -2.4% and a 44.97% success rate. Ahmad covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, Ascendis Pharma, and Sarepta Therapeutics.
In another report released yesterday, Citi also reiterated a Buy rating on the stock with a $88.00 price target.
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