J&J’s ‘968 delay has mixed readthroughs for Incyte’s ‘989, says RBC

RBC Capital reiterated a Sector Perform rating and $67 price target on Incyte (INCY), noting that the clinicaltrials.gov primary completion for Johnson & Johnson’s (JNJ) CALRxCD3 bispecific ‘968 was just updated to 4Q26 this morning, from 4Q25 previously. The firm believes the update could be perceived positively for Incyte, since it might imply that Incyte’s ‘989 could hold a longer lead if J&J’s study is taking longer than expected, and Incyte’s own CALRxCD3 engager, which is just entering the clinic, could potentially bridge the time gap somewhat to J&J’s engager. On the other hand, the delay could potentially be driven by recruitment challenges in general, which might mean future studies for Incyte could also face longer than expected timelines, the analyst tells investors in a research note.