Jefferies Update From Meeting With INCY Management

Jefferies is giving an update on Incyte Corp.

after meeting with management. “We continue to believe the Street has underestimated the value of INCY's Jak2 programs for cancer and rheumatoid arthritis,” Jefferies writes. “We see significant upside from the current valuation on additional positive Phase 3 data and a successful launch in myelofibrosis. “INCY presented incremental new details around the released top-line data from the COMFORT-1 Phase 3 study of INCB18424 in myelofibrosis. Separately, INCY disclosed some new anemia data from COMFORT-1 highlighting the difficulty in interpreting the anemia improvement data for YM Biosciences' (YMI, 2.62, NC) CYT387, a competitor to INCY's 424.” Incyte Corp. currently trades at $15.60.