ISTH: Consistent VIVID-3 Data Supports Lataricibart Pivotal; HMB-002 Data Early

研报英文原文证据摘录

ISTH: Consistent VIVID-3 Data Supports Lataricibart Pivotal; HMB-002 Data Early

USA | Biotechnology

Incyte Corp. EquityJulyResearch14, 2026

COMPANY UPDATEISTH: Consistent VIVID-3 Data Supports

RATING HOLDLatarcibart Pivotal; HMB-002 Data Early

PRICE $114.23^

Full VIVID-3 (latarcibart/VGA039 in VWD) Ph1/2 dataset showed consistent

efficacy results, and favorable safety profile supporting its Q4W subQ PRICE TARGET | % TO PT $105.00 | -8%

dosing. COAG’s HMB-002 showed first-in-human Ph1/2 data supporting pot'l 52W HIGH-LOW $118.97 - $67.17

Q4W dosing, but efficacy remains early and MoA differences make direct FLOAT (%) | ADV MM (USD) 95.7% | 242.12

comparisons difficult. We con't to be highly pos on latarcibart's data and MARKET CAP $23.6B

development head start (tho timeline to Ph3 data holds this back from being a TICKER INCY ^Prior trading day's closing price unless otherwise

stock-driver near-term). noted.

See our deep dive for add'l details on latarcibart, incl the unmet need in VWD prophy for a FY (Dec) CHANGE TO JEFe JEF vs CONS

safe, effective, easy-to-use tx w/ a novel MoA, encouraging efficacy/Q4W dosing, and safety 2026 2027 2026 2027

considerations REV NA NA +3% -2%

Our view: Updated data cut was unsurprising and further supports latarcibart across a larger pts EPS NA NA NA NA

set (N=16 vs N=8). We con't to view the asset as a pot'l blockbuster in severe VWD, given compelling

early efficacy data and convenient dosing. HMB-002 shows encouraging data but is earlier in dev.

Focus shifts to Ph3 VIVID-6 execution w/ data expected in 2029

Efficacy >> Latarcibart shows consistent efficacy data

Consistent 81% med ABR reduction across all participants and w/ 75%-100% ABR reduction•

in participants switching from prior IV prophy >> aligns well vs approved tx