Incyte’s Promising Pipeline and Strategic Developments Drive Buy Rating with $89 Price Target

Incyte (INCY – Research Report), 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 $89.00 price target.

Tazeen Ahmad has given his Buy rating due to a combination of factors surrounding Incyte’s promising pipeline and strategic developments. The company is focusing on its mCALR monoclonal antibody, INCA033989, which has shown promising initial data in essential thrombocythemia (ET) with signs of platelet count normalization and a favorable safety profile. This targeted approach has the potential to be curative for mCALR-driven myeloproliferative neoplasms (MPNs), setting it apart in the market.
Additionally, Incyte’s management has expressed confidence in the competitive profile of povorcitinib, particularly in hidradenitis suppurativa (HS), where phase 3 data indicates rapid response and pain reduction. The novel mechanism of action of povorcitinib could drive significant market uptake, especially as many patients do not respond to current treatments. Incyte plans to expand povorcitinib’s application across multiple indications, including vitiligo and prurigo nodularis, representing a large commercial opportunity. These strategic initiatives and the potential for multiple product approvals before Jakafi’s loss of exclusivity in 2028 underpin the Buy rating with a price objective of $89.

Ahmad covers the Healthcare sector, focusing on stocks such as Incyte, Sarepta Therapeutics, and PTC Therapeutics. According to TipRanks, Ahmad has an average return of -1.3% and a 49.49% success rate on recommended stocks.

In another report released on June 3, TD Cowen also maintained a Buy rating on the stock with a $86.00 price target.