Incyte Corporation (NASDAQ:INCY) announced that the first patient has been treated in the ECHO-301 study—a Phase 3 trial evaluating epacadostat, Incyte’s investigational, highly potent and selective oral IDO1 inhibitor, in combination with Keytruda® (pembrolizumab), Merck’s anti-PD-1 therapy, as first-line treatment for patients with advanced or metastatic melanoma. Incyteexpects initial data from the ECHO-301 study to be available in 2018.
“We are very pleased to treat the first patient in the ECHO-301 study and advance the Phase 3 program evaluating epacadostat in combination with pembrolizumab,” said Steven Stein, M.D. Incyte’s Chief Medical Officer. “This trial—the first to test this combination in a pivotal study—is part of the larger ECHO program evaluating epacadostat, including combination studies with anti-PD-1 and PD-L1 therapies across multiple tumor types.”
Melanoma, the most serious form of skin cancer, strikes adults of all ages. In the U.S., melanoma accounts for approximately five percent of all new cases of cancer each year. The incidence of melanoma continues to rise by almost three percent each year which translates to 76,000 new cases yearly in the U.S. alone.1 In the European Union, there are approximately 41,000 new cases of melanoma per year and approximately 11,000 deaths annually.(Original Source)
Shares of Incyte closed today at $78.50, up $0.90 or 1.16%. INCY has a 1-year high of $133.62 and a 1-year low of $55. The stock’s 50-day moving average is $78.42 and its 200-day moving average is $80.60.
On the ratings front, Incyte has been the subject of a number of recent research reports. In a report issued on June 14, JMP analyst Liisa Bayko reiterated a Buy rating on INCY, with a price target of $100, which represents a potential upside of 27% from where the stock is currently trading. Separately, on June 7, BMO’s Ian Somaiya reiterated a Buy rating on the stock and has a price target of $97.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Liisa Bayko and Ian Somaiya have a total average return of 14.4% and 13.7% respectively. Bayko has a success rate of 47.3% and is ranked #338 out of 3984 analysts, while Somaiya has a success rate of 51.6% and is ranked #235.
Overall, 9 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $97.50 which is 24.2% above where the stock opened today.
Incyte Corp. is a biopharmaceutical company, which focuses on the discovery, development, development, formulation, manufacturing and commercialization of proprietary therapeutics to treat serious unmet medical needs, primarily in oncology. Its product, Jakafi, a JAK1 and JAK2 inhibitor, is currently approved in the U.S. for the treatment of intermediate or high-risk myelofibrosis and is in development as a potential treatment for other cancers.