Transferring Coverage of Incyte; Upgrading Moat to Narrow Thanks to Jakafi’s Entrenched Position
We are transferring coverage of Incyte, a biotech firm best known for its Jakafi franchise in rare blood disorders, partnered rheumatoid arthritis drug Olumiant, and pipeline IDO inhibitor candidate epacadostat for various cancers. We are upgrading Incyte’s moat to narrow from none thanks to its entrenched position in two ultra-rare blood cancer disorders. Near-term threats to Jakafi sales have left the playing field since our last moat evaluation. We are maintaining our $120 per share fair valu...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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