Incyte stock decline after results an ‘overreaction,” says Wolfe Research

Incyte (INCY) reported positive results in the 75 mg povorcitinib dose in hidradenitis suppurativa, reporting 11% delta and 14% delta in HiSCR50 Week 12 across the two trials, Wolfe Research analyst Andy Chen tells investors in a research note. The firm notes that the dose was statistically significant across four figures, meeting the firm’s fundamental bar, but falling short of its base case of 14% delta. The firm, which has an Outperform rating and $84 price target on the shares, says the results underperformed the Street bar, but feels the stock decline pre-market is an “overreaction.”