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Fly News Breaks for January 3, 2020
INCY
Jan 3, 2020 | 08:15 EDT
Stifel analyst Stephen Willey said he doesn't view the itacitinib failure in the Phase 3 GRAVITAS-301 trial as causing a material change to thesis on Incyte, but he does understand the "investor negativity" given the perceived negative read-through into the odds of success for the ongoing Phase 3 GRAVITAS-309 trial evaluating itacitinib in the steroid-refractory, chronic graft-versus-host disease setting. He is "inclined to believe" the post-close loss in market cap seems a bit overdone, though Willey keeps a Hold rating on Incyte.
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