Leerink Partners analyst Andrew Berens has maintained their bullish stance on INCY stock, giving a Buy rating on June 3.
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Andrew Berens has given his Buy rating due to a combination of factors related to Incyte’s promising developments in their drug pipeline. The recent data from the European Hematology Association conference highlighted the strong performance of INCA33989, a first-in-class mutCALR antibody, in treating essential thrombocythemia. This treatment demonstrated a high overall response rate and showed potential superiority over existing therapies, with no dose-limiting toxicities observed, which enhances its competitive edge.
Furthermore, the potential for INCA33989 to be differentiated from the standard of care and its promising application in treating myelofibrosis adds to its appeal. The drug’s development not only strengthens Incyte’s pipeline but also positions it as a significant asset that could offset future revenue declines from Jakafi. These factors collectively underpin Berens’s positive outlook and Buy rating for Incyte’s stock.
Berens covers the Healthcare sector, focusing on stocks such as Incyte, Arvinas Holding Company, and Elevation Oncology. According to TipRanks, Berens has an average return of -4.5% and a 39.79% success rate on recommended stocks.
In another report released on June 3, TD Cowen also maintained a Buy rating on the stock with a $86.00 price target.