Cautious Optimism for Incyte’s Early-Stage Cancer Therapies: Hold Rating Pending Further Data

In a report released today, Judah Frommer from Morgan Stanley maintained a Hold rating on Incyte, with a price target of $79.00.

Judah Frommer’s rating is based on the initial data presented by Incyte for their early-stage solid tumor-targeting agents, which show promise but are still in the preliminary phases of development. The company has highlighted their TGFßR-2 x PD-1 bispecific antibody in microsatellite stable colorectal cancer and their KRAS G12D inhibitor in pancreatic ductal adenocarcinoma. While the early data is encouraging, the treatments are not yet part of the current model, and further updates are anticipated.
Incyte’s management sees significant potential in these areas, with large target addressable markets in colorectal and pancreatic cancers. However, the therapies are still undergoing trials, with plans for a registrational program for the bispecific antibody in 2026 and ongoing evaluation of the KRAS G12D inhibitor. Given the early stage and the need for further data to support advancement, Frommer has opted for a Hold rating, reflecting cautious optimism pending more conclusive results.