Biotech Values

[JohnWayne]

INCY:

Overall, I agree that the results are fine for the purposes of a small dose-ranging trial. I think probably a big component in the negative reaction* is not an erroneous comparison to Keytruda monotherapy at >49% in NSCLC, but a comparison to the abstract (ORRs in melanoma and RCC are lower than abstract) and to the Opdivo+Yervoy data in melanoma and NSCLC. The ORR of Keytruda+epacadostat is looking comparable, but numerically slightly lower than Opdivo+Yervoy.

Not saying I agree with the reaction -- I do think the Keytruda+epacadostat data are actually quite impressive in melanoma and NSCLC, especially given what appears to be a favorable toxicity profile.

*this is just my guess, I'm not really a Twitter user so I don't really know what the buzz is