Incyte, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Tazeen Ahmad from Bank of America Securities maintained a Buy rating on the stock and has a $104.00 price target.
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Tazeen Ahmad’s rating is based on several strategic factors that highlight Incyte’s growth potential. The recent approval of Opzelura for pediatric atopic dermatitis (AD) aligns with expectations from positive data in the TRuE-AD3 study. This approval is seen as an incremental growth driver, with management estimating a significant patient population in the US. The company is confident in Opzelura’s growth prospects, driven by its increasing use in vitiligo, a shift from corticosteroids to non-steroidal options in AD, and geographic expansion.
Additionally, Incyte’s strategic focus on the development of INCA033989 (‘989, mCALR) for myelofibrosis (MF) and essential thrombocythemia (ET) is a key long-term value driver. The company is expected to provide updates on clinical trials by year-end, which could further validate their approach in these indications. This focus on targeted therapies for myeloproliferative neoplasms (MPNs) supports the Buy rating, as it demonstrates a clear strategy to address future challenges, such as the 2028 loss of exclusivity for Jakafi.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $89.00 price target.
Based on the recent corporate insider activity of 96 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.