Citi sees Incyte’s Jakafi remaining dominant after GSK approval

Citi analyst David Lebowitz keeps a Buy rating on Incyte (INCY) with an $82 price target after the FDA approved GSK‘s (GSK) Ojjaara for intermediate to high-risk myelofibrosis in adults with anemia, irrespective of prior treatment. The analyst expects some impact on Incyte’s Jakafi penetration, but sees the therapy remaining the frontline in the overall myelofibrosis population. While the Phase 3 SIMPLIFY studies failed to establish Ojjaara non-inferiority to Jakafi overall, the FDA label recognizes Ojjaara’s frontline splenic benefit in the subset of anemic myelofibrosis patients, the analyst tells investors in a research note.