Leerink Swann Reiterates an 'Outperform' on Incyte (INCY); Share Weakness On NEJM Article Overdone

Leerink Swann reiterates an 'Outperform' on Incyte (NASDAQ: INCY), low/mid-$20's target valuation.

Leerink analyst says, "We believe INCY shares are trading down in response to an NEJM article by Dr. Ayalew Tefferi from the Mayo Clinic. The article discusses 51 patients with myelofibrosis treated with Ruxolitinib and notes a high drop-off rate and inconsistent durable effects. While on the surface this would appear to be problematic for Ruxolitinib's prospects, we note material omissions in the publication and are actually surprised the NEJM would publish such analysis as, in our view, it is deficient. We believe the analysis mischaracterizes Ruxolitinib's profile."

For more ratings news on Incyte click here and for the rating history of Incyte click here.

Shares of Incyte closed at $16.07 yesterday.

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