Incyte (INCY): ESMO Data Confirms Combination - Leerink
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Leerink Partners analyst, Michael Schmidt, reiterated his Outperform rating on Incyte (NASDAQ: INCY) after the ESMO 2016 poster for the ECHO-202 Phase I study evaluating the combination of IDO1 inhibitor epacadostat (IDO1) with MRK's (MP) Keytruda was released this morning.
The data confirm the previously published results, and results appear to be maturing well. All responses seen in the abstract are ongoing and the median PFS had not been reached with a median follow-up of 56 weeks. Management noted one additional conversion to CR in the melanoma cohort. Relevance of PDL1 status seems unclear. It still seems premature to draw conclusions from other tumor types enrolled in this dose-escalation study where some responses have been seen.
The analyst's Outperform thesis remains:
1) Jakafi remains a compelling long-term growth driver for INCY
2) expectations for baricitinib are still moderate
3) INCY's maturing oncology pipeline of 14 molecules including epacadostat (IDO1) represents a long-term value driver
No change to the $98 PT.
Shares of Incyte closed at $94.78 yesterday.
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