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Fly News Breaks for April 9, 2019
Apr 9, 2019 | 09:00 EDT
JMP Securities analyst Liisa Bayko lowered her price target on Concert Pharmaceuticals (CNCE) shares to $20 from $26 after USPTO ruled in favor of Incyte (INCY) that claims in Concert's '149 patent are not patentable. Concert said it will appeal the decision, but Bayko thinks a reversal of the PTAB decision is unlikely. She now assumes only 5.5 years of exclusivity for CTP-543, continues to recommend Concert, stating that she sees a $1B opportunity in alopecia areata given the size, unmet need, and competitive landscape. Bayko keeps an Outperform rating on Concert shares.
News For CNCE;INCY From the Last 2 Days
Jun 16, 2019 | 12:52 EDT
Incyte announces 24-week results from its randomized, double-blind, dose-ranging, vehicle-controlled, Phase 2 study evaluating ruxolitinib cream, a nonsteroidal, anti-inflammatory, JAK inhibitor therapy, in adult patients with vitiligo. The study met its primary endpoint, demonstrating that significantly more patients treated with ruxolitinib cream for 24 weeks achieved a greater than or equal to 50% improvement from baseline in the facial vitiligo area severity index score compared to patients treated with a vehicle control. F-VASI50 response was most notably achieved with ruxolitinib cream 1.5% administered once daily and twice daily versus vehicle control. Ruxolitinib cream was generally well-tolerated at all dosage strengths. Over-activity of the JAK signaling pathway has been shown to drive inflammation involved in the pathogenesis and progression of vitiligo. These data on ruxolitinib cream, a JAK inhibitor, support the planned initiation of pivotal Phase 3 development later in 2019, for which preparations are already underway.