Incyte’s mCALR Program: Promising Early Data but Uncertainties Remain, Justifying Hold Rating

Analyst Vikram Purohit of Morgan Stanley maintained a Hold rating on Incyte (INCY – Research Report), boosting the price target to $68.00.

Vikram Purohit has given his Hold rating due to a combination of factors related to Incyte’s mCALR program. The initial clinical data for the mutant CALR antibody, INCA33989, shows a promising response rate in treating essential thrombocythemia (ET) patients, with a notable percentage achieving complete response. However, the data is still in the early stages, and further details are anticipated from upcoming events, which suggests that while the results are encouraging, they are not yet conclusive enough to warrant a more aggressive rating.
Additionally, while the safety profile of the treatment appears manageable, the full scope of its efficacy and potential side effects is not yet fully understood. This cautious approach reflects the need for more comprehensive data to better assess the long-term potential and market impact of the treatment. As such, Purohit’s Hold rating reflects a balanced view, acknowledging the potential of the program while recognizing the uncertainties that remain.

In another report released yesterday, UBS also maintained a Hold rating on the stock with a $61.00 price target.

Based on the recent corporate insider activity of 85 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.