William Blair analyst Matt Phipps has maintained their neutral stance on INCY stock, giving a Hold rating on October 16.
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Matt Phipps has given his Hold rating due to a combination of factors surrounding Incyte’s recent developments and market positioning. The initial Phase I data presented for the KRAS G12D inhibitor and the TGF-βR2xPD-1 bispecific antibody show promise, particularly in terms of single-agent activity and safety profiles. However, despite these encouraging results, there is a cautious sentiment among investors due to the historical challenges associated with TGF-β therapies and the competitive environment for KRAS G12D inhibitors.
While the monotherapy responses in late-line colorectal cancer for INCA33890 are noteworthy, and the potential market opportunities in frontline settings and other indications are significant, the durability of these responses remains uncertain. Additionally, the investor focus is still largely on the mutant CALR antibody program in myelofibrosis, which suggests that while the solid tumor pipeline could contribute to long-term growth, it is not yet a decisive factor for a more bullish rating. Therefore, the Hold rating reflects a balanced view of potential opportunities and existing uncertainties.
Phipps covers the Healthcare sector, focusing on stocks such as Upstream Bio, Inc., Bristol-Myers Squibb, and Merus. According to TipRanks, Phipps has an average return of 1.5% and a 45.99% success rate on recommended stocks.
In another report released on October 16, Morgan Stanley also maintained a Hold rating on the stock with a $79.00 price target.