Maintaining Incyte's $110 FVE Following Baricitinib's Complete Response Letter from the FDA
Incyte’s stock fell 10% following the news of the U.S. Food and Drug Administration’s complete response letter for Incyte and Eli Lilly’s partnered rheumatoid arthritis drug baricitinib. We are maintaining our $110 per share fair value estimate for the company, although more concrete details regarding the impact Incyte’s 2017 guidance will be released with first-quarter earnings. Given baricitinib’s impressive efficacy and E.U. approval last December (under the marketing name Olumiant), we expec...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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