Incyte bolstered by Zynyz data, Guggenheim note

 

• Incyte (NASDAQ:INCY) closed ~4.5% higher Monday after releasing promising data at the European Medical Society for Medical Oncology on Saturday on Zynyz (retifanlimab) for anal cancer.
• The gain represented the biotech's largest daily one since July 9, when it closed up ~4.4%.
• The ESMO data showed that the median PFS in the Zynyz + chemo group was 9.3 months compared to 7.4 months in the chemo only arm.
• In a note, Guggenheim's Michael Schmidt said the Zynyz regimen would lead to a "robust uptake in a high unmet need population." He rates Incyte a buy with a $92 price target (~39% upside based on Sept. 16 close), just raised from $86.

https://www.msn.com/en-us/money/markets/incyte-closes-5-higher-bolstered-by-zynyz-data-guggenheim-note/ar-AA1qFWUU