UPDATE: Bank of America Raises PT on Incyte on Compelling New Data
In a report published Wednesday, Bank of America analyst Rachel McMinn reiterated a Buy rating on Incyte Corporation (NASDAQ: INCY), and raised the price target from $31.00 to $36.00.
In the report, Bank of America noted, “INCY announced top-line Phase 2 results for its marketed Jak inhibitor, Jakafi, in second-line pancreatic cancer. The trial showed a substantial improvement in overall survival in a pre-specified subgroup of patients that INCY prospectively identified as most likely to benefit from a Jak inhibitor, and provides the first proof of principle data of a positive benefit for this mechanism in solid tumors. The challenge for investors is interpreting the results without better understanding this novel subgroup. INCY believes this group is generalizable across solid tumors and does not require a companion diagnostic (which implies a clinically defined, not genetically defined group), but had not previously publicly discussed this subgroup, and is keeping the details a secret for competitive reasons until a Phase 3 trial is announced (expected early 2014).”
Incyte Corporation closed on Tuesday at $33.00.
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