Incyte's Solid Q2 Seen Funding Strategy Beyond Jakafi Patent Expiration, RBC Says

MT Newswires Live00:23

Incyte's (INCY) solid Q2 results are expected to fund its "multiple-shots-on-goal strategy" to sustain sales beyond the 2028 patent expiration of Jakafi, its flagship blood-disorder drug, RBC Capital Markets said Tuesday in a report.

Incyte's strategy broadens its opportunities and reduces reliance on a single asset, and the Q2 performance should support continued investment across longer-term programs, the report said.

Enthusiasm surrounding the ESMO solid-tumor program may reduce pressure to provide regulatory updates on '989, which is being evaluated for essential thrombocythemia, RBC said.

"With near-term Jakafi growth pressured by competition, Opzelura already well appreciated in the stock's valuation, and future growth predicated on povorcitinib and '989 success, we believe shares currently reflect the balance of a mature commercial franchise against near-term pipeline risks," the report said.

RBC raised its price target on Incyte stock to $109 from $99 and maintained its sector perform rating.

Price: 126.10, Change: -3.83, Percent Change: -2.95

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment