A Study to Evaluate the Efficacy and Safety of INCB054707 in Participants With Prurigo Nodularis

Inclusion Criteria: * Clinical diagnosis of PN for at least 3 months before screening. * Inadequate response or intolerant to ongoing or prior PN therapy. * ≥ 20 pruriginous lesions on ≥ 2 different body regions at screening and Day 1. * Willingness to avoid pregnancy or fathering children * Further inclusion criteria apply. Exclusion Criteria: * Have chronic pruritus due to a condition other than PN; have neuropathic and psychogenic pruritus such as but not limited to notalgia paresthetica, brachioradial pruritus, small fiber neuropathy, skin picking syndrome, or delusional parasitosis. * Current use of a medication known to cause pruritus. * Women who are pregnant (or who are considering pregnancy) or lactating. * Medical history including thrombocytopenia, coagulopathy or platelet dysfunction, Q-wave interval abnormalities, current or history of certain infections, cancer, lymphoproliferative disorders and other medical conditions at the discretion of the investigator. * Have evidence of active or latent or inadequately treated infection with Mycobacterium tuberculosis. * Participants known to be infected with HIV, Hepatitis B, or Hepatitis C. * Laboratory values outside of the protocol-defined ranges. * Further exclusion criteria apply.