Stifel Reiterates Buy Rating on Incyte (INCY)

Stifel analyst Stephen Willey reiterated a Buy rating and $119.00 price target on Incyte (NASDAQ: INCY).

The analyst comments "The disclosure of statistically significant topline results from the P3 frontMIND trial evaluating R-CHOP ± tafasitamab/lenalidomide in 1L DLBCL patients should serve as the basis of a confirmatory approval in DLBCL (current approval in relapsed/refractory, transplant-ineligible DLBCL was granted on an accelerated basis) and should provide another modest growth lever to the INCY topline. The PFS risk reduction emerging from frontMIND (HR=0.75) appears comparable to POLARIX data (HR=0.73) and we note the latter has since garnered Roche’s Polivy an incremental ~$600M in U.S.-based sales (correlating to ~35% U.S. market share) following an April 2023 FDA approval in 1L DLBCL. However, we note Polivy commands a convenience advantage vs. tafasitamab (one-third the number of required infusions) and is perceived by KOLs to be potentially less-impactful to 2L standard-of-care CAR T therapy. We also anticipate pending P3 trial disclosures from CD20-targeting TCEs (epcoritamab, glofitamab) to further disrupt the 1L DLBCL treatment paradigm."

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Shares of Incyte closed at $101.42 yesterday.

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