Don't Write Off Incyte After IDO and AdCom Flops; Healthy 1Q Jakafi Growth Supports $98 FVE
After Incyte’s IDO inhibitor flop and conflicted baracitinib advisory committee recommendation in April, we believe the market is over-penalizing the stock. First-quarter earnings reiterated the firm’s prior tribulations, in addition to confirming the end of nearly all of its late-stage IDO inhibitor studies with Merck, Bristol and AstraZeneca checkpoint inhibitors, as we expected. We are not changing our $98 per share fair value estimate for Incyte. Our valuation already excludes all future sal...Incyte is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. JAKAFI (ruxolitinib) has been approved for the treatment of patients with intermediate or high-risk myelofibrosis, for the treatment of patients with polycythemia vera, and for the treatment of steroid-refractory acute graft-versus-host disease in adult and pediatric patients 12 years and older. The company has also obtained a license to develop and commercialize ICLUSIG (ponatinib) in Europe and other select countries. In the European Union, ICLUSIG is approved for the treatment of adult patients with chronic phase, accelerated phase or blast phase chronic myeloid leukemia.
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