William Blair analyst Matt Phipps has maintained their neutral stance on INCY stock, giving a Hold rating on October 29.
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Matt Phipps’s rating is based on the initial data from Incyte’s mCALR antibody INCA033989 in myelofibrosis patients, which showed promising results. The data revealed a 30% SVR35 response rate in patients who reached week 24, surpassing the initial expectations of a 20% rate. Although these results meet high investor expectations, they are considered encouraging and suggest potential for significant commercial success for INCA033989.
Despite the positive initial data, the Hold rating reflects a cautious approach due to the need for further follow-up and comprehensive results, which are anticipated at the upcoming ASH conference. The monotherapy cohort, which includes patients intolerant or resistant to JAK inhibitors, showed a 30% SVR35 response, indicating potential but also highlighting the necessity for additional data to confirm long-term efficacy and safety. Therefore, while the initial findings are promising, the Hold rating suggests a wait-and-see approach until more data is available.
In another report released on October 29, Truist Financial also assigned a Hold rating to the stock with a $93.00 price target.
Based on the recent corporate insider activity of 99 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of INCY in relation to earlier this year.