BofA sees minimal near-term impact on Incyte from ruxolitinib ER CRL

After Incyte announced that the FDA issued a complete response letter, or CRL, for ruxolitinib extended-release tablets for myelofibrosis, polycythemia vera and graft vs. host disease, BofA analyst Tazeen Ahmad contended that the CRL may not have near-term implications for the company. However, it does "provide another blow" to Incyte’s efforts to expand ruxolitinib’s length of exclusivity beyond the current patent life of mid-2028, notes the analyst. The firm maintains its Buy rating and $93 price target, noting that the key drivers of its target are Jakafi and Opzelura.