Incyte's Blood Cancer Drug Program 'Looks Very Viable' Amid Development Challenges, RBC Says

MT Newswires Live12-12 01:14

Incyte (INCY) is seeing results from its INCA033989 blood cancer drug program that seem to indicate the drug "looks very viable, safe" and may have "unique disease-modifying properties," RBC Capital Markets said in a note Thursday, following meetings with the company's senior management.

However, optimizing the drug's dosing levels, its administration, and the design of a phase 3 trial may "be slightly more tedious than earlier Street exuberance had considered," RBC said.

Incyte recently released updated clinical data from two phase 1 studies assessing the safety, tolerability and efficacy of INCA033989 to treat people with mutCALR-expressing myeloproliferative neoplasms.

RBC said that it still believes the program has a good probability of success but a "smaller ultimate opportunity than consensus."

The investment firm said Incyte's shares "approximately fairly reflect [near-term] cash flows."

RBC has a sector perform rating on Incyte and an $84 price target.

Price: 95.75, Change: +0.58, Percent Change: +0.61

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