UPDATE: Oppenheimer Reiterates Overweight on Incyte, Jakafi Profile Continues to Improve

In a report published on Monday analysts at Oppenheimer reiterated its Overweight rating on

and maintained its $25 PT on the company as well. In the report lead analyst Boris Peaker commented that, "Today's update from Incyte partner Novartis adds further data to support our thesis that Jakafi's benefit goes beyond simply symptomatic control. Specifically, at ASCO we saw data that showed stabilization and improvement in fibrosis compared to hydroxyurea. Today's three-year update from COMFORT-II shows a statistically significant survival improvement for Jakafi. We anticipate the three-year update from COMFORT-I at ASH in December to also show a survival benefit. Although at this point it is not clear when these results may get integrated into Jakafi's label, we believe that the publication of these results could translate into a powerful marketing message. We reiterate our Outperform rating on INCY shares." Incyte currently trades at $21.11 and is down 0.31 percent on the day.