Incyte: Long-Term Revenue Durability and Underappreciated Pipeline Support Buy Rating and $135 Target

In a report released today, Mitchell Kapoor from H.C. Wainwright reiterated a Buy rating on Incyte, with a price target of $135.00.

Mitchell Kapoor has given his Buy rating due to a combination of factors tied to Incyte’s long‑term revenue durability and underappreciated pipeline value. He argues that the market is overly focused on near‑term Opzelura concerns while overlooking the potential of Jakafi XR to soften the post‑LOE revenue decline by steadily converting new and existing high‑risk myelofibrosis patients over several years.

Kapoor also highlights povorcitinib in hidradenitis suppurativa as a key, underpriced asset with credible multi‑billion‑dollar potential, given its positioning as a differentiated oral alternative in a treatment landscape dominated by injectables. In his view, if safety and tolerability are acceptable, physicians, patients, and payers are likely to favor this oral option both before and after biologic use, supporting a more robust growth trajectory than current Street expectations and justifying his $135 price target and Buy recommendation.

In another report released today, TipRanks – Google also reiterated a Buy rating on the stock with a $129.00 price target.

Based on the recent corporate insider activity of 105 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of INCY in relation to earlier this year.