Incyte’s Promising Drug Pipeline and Strong Financial Performance Reinforce Buy Rating

Leerink Partners analyst Andrew Berens has maintained their bullish stance on INCY stock, giving a Buy rating on April 29.

Andrew Berens has given his Buy rating due to a combination of factors including Incyte’s promising advancements in their drug pipeline and strong financial performance. The company reported favorable updates for povorcitinib, which is advancing into Phase 3 trials for chronic spontaneous urticaria and has shown increased efficacy in hidradenitis suppurativa trials. These developments are seen as potential blockbuster opportunities that could help mitigate the impact of the Jakafi patent expiration.
Furthermore, Incyte’s financial results exceeded expectations, with Jakafi sales surpassing consensus estimates and demonstrating significant growth, particularly in polycythemia vera. The company’s strategic positioning, with US-based manufacturing and patents, also minimizes potential risks from pharma tariffs. These factors, combined with updated revenue forecasts and increased guidance, have led to an increased price target of $95, reinforcing the Buy rating.

In another report released on April 29, TD Cowen also maintained a Buy rating on the stock with a $86.00 price target.

Based on the recent corporate insider activity of 85 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.