Bank of America Securities analyst Tazeen Ahmad maintained a Buy rating on Incyte yesterday and set a price target of $104.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Tazeen Ahmad has given his Buy rating due to a combination of factors including promising early data from Incyte’s oncology assets, INCA33890 and INCB161734. The ESMO abstracts revealed initial signs of efficacy for these treatments, which target challenging cancer types such as microsatellite stable colorectal cancer (MSS-CRC) and pancreatic ductal adenocarcinoma (PDAC).
For INCA33890, the data showed a partial response in 12% of MSS-CRC patients, a significant finding given the historically low success rates of immunotherapy in this area. Similarly, INCB161734 demonstrated a partial response in 30% of patients dosed at 600mg or higher, with notable disease control and molecular responses. These promising results, combined with a well-tolerated safety profile at recommended doses, support the continued development of these assets and justify the Buy rating with a price objective of $104.
Based on the recent corporate insider activity of 97 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.