INCY, I remember around a year ago, when INCY was at $130. I still hold all my shares for many years ago. Merck collaboration extension looks good. INCY around 10% up today and possibly on its way back to that $130...
At that time, I think people were looking at every incremental IO target as being on the order of magnitude of PD-1
obviously the magnitude of effect matters, but that magnitude matters less IMO than the scarcity of the asset as long as there is some meaningful added efficacy (however modest) simply bc of how crowded the PD-1 space is getting. So you get that multiplicative effect of increasing the value of existing IO drug(s) that may have high efficacy like a PD-1 even with an add on drug that increases efficacy only a little bit, since that combo can now be differentiated from the crowd (even modestly so) I think BMY owns the melanoma space for this reason - yervoy doesn't add a whole lot to opdivo, but just enough added efficacy that they out sell keytruda in melanoma by a large margin
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