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Fly News Breaks for April 24, 2018
ABBV, INCY
Apr 24, 2018 | 09:11 EDT
William Blair analyst Y. Katherine Xu views yesterday's FDA panel, supporting approval of baricitinib at the 2 mg dose but voting against the 4 mg dose, as largely in line with expectations given the doubts raised in the briefing documents and during the panel discussion. Based on the panel's recommendation, the analyst maintains her 90% probability of success for baricitinib 2 mg to be approved in the United States by its action date in June. While an approval will be positive, the narrower label and restriction to the lower dose may limit baricitinib's market share, Xu tells investors in a research note. She believes Incyte (INCY) shares may trade flat or slightly positive on this outcome. The stock in premarket trading us down 4% to $65.60. Xu views the baricitinib panel outcome as a "slight net positive" to upadacitinib of AbbVie (ABBV).
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