Incyte over the weekend reported 52-week follow-up data for the Phase II topical ruxolitinib study in vitiligo patients. Previously, Incyte reported positive 24-week data, which included significant improvements in F-VASI75 scores, with deeper responses for a considerable proportion of patients, Piper Jaffray analyst Tyler Van Buren tells investors in a research note. This weekend's update demonstrated that topical ruxolitinib continues to be well tolerated and that patients achieved sustained and/or deeper responses at 52 weeks as the number of patients achieving F-VASI75 increased to 52% from 30% at 24 weeks, says the analyst. The data enhance his confidence that topical ruxolitinib is providing "meaningful and durable" clinical benefit to patients that otherwise do not have treatment options. He believes vitiligo could conservatively represent a $500M-plus sales opportunity. Van Buren keeps an Overweight rating on Incyte with a $95 price target.