Wells Fargo believes Incyte shares should trade up on INCB0989 abstract

Commenting on the INCB0989 abstract, Wells Fargo says early signs look highly encouraging in myelofibrosis and safety looks good. The firm believes Incyte’s (INCY) shares should trade up on the abstract. Wells thinks the early data cut demonstrates ‘989 is safe in combination with Jakafi, significant monotherapy treatment activity, while combo data is early but encouraging. Further, it believes ‘989 will exceed expectations at American Society of Hematology. The firm has an Overweight rating on the shares with a price target of $97.