Bank of America Merrill Lynch Reiterates Buy Rating, $25 PT on Incyte Corporation

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating and $25.00 price target on Incyte Corporation

. BofA Merrill Lynch noted, “INCY is coming to understand that the most straightforward starting dose for Jakafi is 10 mg BID, compared to the recommended labeled doses of 15-20mg BID. INCY will have additional data from an ongoing low platelet count study on 10mg BID in 2013, and will also have data from a second alternative dosing study in which the company is evaluating 10 mg BID for 12 weeks, and then allowing that dose to titrate. INCY plans to collect these data in 2013 and obtain label expansion in 2014. Establishing the most user friendly dose prior to CYT387's introduction could prove important for INCY to maintain Jakafi as frontline therapy, and could provide counter detailing data against any head to head study which is likely to be forced to use Jakafi at the higher recommended doses.” Incyte Corporation closed on Tuesday at $16.53.