UPDATE: JP Morgan Reiterates Incyte Corporation at Overweight Following PML Case

JP Morgan reiterated Incyte Corporation

with an Overweight rating. JP Morgan analyst Cory Kasimov noted, "Shares of INCY have been under pressure this morning following disclosure that a case of PML was identified in a 75 yr old male myelofibrosis (MF) patient from the UK treated with Jakafi. While it has not yet been determined whether this development was related to the use of Jakafi, we are unsurprised by the market's reaction given the theoretical risk (however unlikely) this could represent for Jakafi in MF and eventually PV. Nevertheless, we're hesitant to jump to conclusions in this instance with just one case identified to date (in almost 10,000 pts treated) and the rapid onset of PML following initiation of Jakafi treatment." Incyte Corporation closed at $24.84 on Friday.