Bmo Stock: BMO Capital Keeps $75 Target On Incyte

BMO Capital kept its bearish view on bmo stock Incyte, with analyst Evan Seigerman maintaining a Sell rating and leaving the $75.00 price target unchanged. The call follows a weaker latest EHA update on the company’s mCALR antibody ‘989 and continued pressure around Jakafi’s growth.

Seigerman said the update for ‘989 in essential thrombocythemia and myelofibrosis showed lower complete hematologic responses and softer monotherapy outcomes than earlier readouts. He also cited rapid response times and a favorable safety profile, leaving the readout mixed rather than decisive.

EHA Update on Incyte ‘989

The latest EHA data gave Seigerman a reason to stay cautious. He said the antibody showed somewhat weaker efficacy than earlier readouts, even as the program still posted rapid response times and a favorable safety profile.

For investors following Incyte’s pipeline, the issue is not one disappointing metric in isolation. The data point that moved the call was the combination of lower complete hematologic responses and softer monotherapy outcomes, which left less room for the program to carry the company’s longer-term story on its own.

Jakafi, Opzelura and Pipeline Pressure

Seigerman also pointed to Opzelura’s sales trajectory, saying it could disappoint because of lower-than-expected tube utilization. That adds another pressure point around the company’s marketed products, alongside his view that emerging assets such as povorcitinib and axatilimab are unlikely to fully offset the looming loss of exclusivity for Jakafi.

He said Jakafi is already showing slowing growth despite label expansions in polycythemia vera and GVHD. He also cited constrained capital deployment, which limits business development flexibility and narrows the company’s room to respond if those products do not carry more of the load.

Insider Selling At Incyte

Another caution flag came from trading activity around the stock. Corporate insider activity involved 103 insiders, and insider sentiment on Incyte was negative over the past quarter.

Over that same period, insiders sold more INCY shares than they had earlier this year. For readers weighing the stock now, Seigerman’s unchanged $75 target and Sell rating signal a view that the current pipeline and product mix still do not justify a better stance until the next set of data changes that picture.