Incyte (INCY) is expected to provide solid data when it reports updates on its '989 CALR antibody, although commercial and development challenges are likely to dampen enthusiasm around the program, RBC Capital Markets said in a note Wednesday.

The company is expected to report a "first glimpse" of '989 CALR antibody in myelofibrosis, both in the monotherapy setting and in combination with ruxolitnib, which is anticipated to offer reasonable data points to assess whether '989 can be a meaningful option for both myelofibrosis and essential thrombocythemia, analysts led by Brian Abrahams wrote.

The data in myelofibrosis is expected to indicate '989's efficacy, although it may be too early to predict disease modification potential, the analysts said.

RBC raised Incyte's price target to $81 from $72, with a sector perform rating.

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