Incyte's (INCY) colorectal cancer or CRC programs remain "risky and more long-term," RBC Capital Markets said in a Tuesday note, while expectations for upcoming pancreatic cancer data remain elevated.
The company is set to present data on its oncology programs at the upcoming European Society for Medical Oncology or ESMO Congress, with investors expecting improved efficacy from its '734 KRAS G12D inhibitor. Incyte is evaluating '734 in CRC and pancreatic ductal adenocarcinoma or PDAC, while its '890 program is being studied in CRC, according to the note.
For PDAC, RBC expects overall response rates or ORR to exceed 80%, compared with 82% for rival zoldonrasib, while the brokerage said the two therapies have appeared comparable on efficacy and that safety could be a differentiating factor longer term.
In CRC, RBC said its KOL feedback suggests ORR could range from 45% to 70%, while an ORR in the 80s would be needed to give the community greater comfort in eventual translation to survival.
RBC has a sector perform rating and a $109 price target on Incyte.
Shares of Incyte were up 1.8% in Tuesday trading.
Price: $126.89, Change: $+2.24, Percent Change: +1.79%