RBC Keeps Incyte (INCY) at 'Outperform'; ECHO-202 Abstract Shows Increase in ORR, but PFS Not Reached

September 28, 2016 9:44 AM EDT
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RBC Capital affirms Incyte Corp. (Nasdaq: INCY) at Outperform with a price target of $116 following updated phase I epacadostat + pembrolizumab ESMO abstract data released this morning

The firm said today, ESMO abstract for ECHO-202 released online: ORR in melanoma increased slightly from previous data cut; PFS not yet reached. Abstracts for ESMO 2016 were released online this morning (link), including for the poster presentation of data from the ECHO-202 trial of epacadostat+pembrolizumab. Today's abstract includes updated safety and efficacy data from the Phase I cohort of the trial. Specifically, 55% (12/22) of ALL melanoma patients in the trial achieved an objective response, including 5 CRs (23%) and 7 PRs (32%). This compares to an ORR of 53% in the 19 melanoma patients included in the Nov 2015 data cut (3 CRs, 16%; and 7 PRs, 37%). Among the 19 treatment-naive melanoma patients in today's update, the ORR was 58% (4 CRs, 21%; and 7 PRs, 37%).

The ORR in other tumor types ranged from 27% to 60% (Exhibit 1), in line and slightly higher from the previous update, where response rates ranged from 25% to 50%. We view the data in other tumor types as promising, albeit early and from too small of a sample to be able to draw strong conclusions. Management has indicated that they expect to make decisions regarding the other tumor types around YE16 or 1H17. Importantly, the safety of epacadostat+pembro continues to look very good, with 18% of patients experiencing Grade =3 TEAEs, up from 11% previously, but still far from the 55% Grade 3/4 TEAEs seen with nivo+ipi. Also in line with the prior cut, there were no deaths reported.

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