Morgan Stanley Maintains Hold Rating on Incyte (INCY) Stock

On June 4, Morgan Stanley analyst Vikram Purohit maintained a Hold rating on Incyte Corporation (NASDAQ:INCY) with a price target of $68.00. The analyst based his rating on several factors associated with the company’s mCALR program, stating that the initial data for the mutant CALR antibody, INCA33989, suggests a promising response rate for the treatment of essential thrombocythemia (ET).

While the analyst stated that it presented a significant percentage attaining complete response, he also admitted that the data is presently in the early stages. Although more details are anticipated to roll out in the upcoming events, the results are not yet conclusive enough to call for a more aggressive rating.

A small team of scientists in a lab, discovering new therapies to treat oncogenic drivers.

Purohit also reasoned that while the treatment has a manageable safety profile, the full scope of its potential side effects and efficacy is yet to be understood. The analyst thus has a cautious approach that requires more conclusive data to make an accurate judgment about the treatment’s market impact and long-term potential.

Incyte Corporation (NASDAQ:INCY) is a biopharmaceutical company that discovers, develops, and commercializes proprietary therapeutics, focusing on oncology, hematology, inflammation, and autoimmunity therapeutic areas.

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