BofA lowered the firm’s price target on Incyte (INCY) to $86 from $90 and keeps a Buy rating on the shares after the company announced they are pausing enrollment in the Phase 2 trial evaluating INCB000262 in chronic spontaneous urticaria, or CSU, based on toxicology findings from a preclinical in vivo study. The firm notes these assets were in proof-of-concept stage and “not a big driver of our pipeline value” and for now assumes this molecule is retired, leading BofA to remove $700M and now model $5.3B in pipeline value, down from a previous estimate of $6B.
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