Analyst Andrew Berens of Leerink Partners maintained a Buy rating on Incyte, boosting the price target to $103.00.
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Andrew Berens has given his Buy rating due to a combination of factors including Incyte’s strong second-quarter performance and strategic initiatives under the new CEO. The company reported impressive financial results, with revenues surpassing expectations, particularly in key products like Jakafi and Niktimvo. This financial strength is further supported by an increase in guidance for the fiscal year, reflecting confidence in continued growth.
Additionally, the new CEO, Bill Meury, has outlined a balanced approach to research and development, focusing on promising areas such as myeloproliferative neoplasms. Incyte’s pipeline is robust, with several upcoming proof-of-concept datasets and planned pivotal trials, indicating potential for future growth. The company is also preparing to submit a new drug application for povorcitinib in early 2026, which could further enhance its market position. These strategic moves and financial achievements contribute to Berens’s positive outlook on Incyte’s stock.
In another report released yesterday, Citi also maintained a Buy rating on the stock with a $103.00 price target.
INCY’s price has also changed slightly for the past six months – from $73.720 to $77.375, which is a 4.96% increase.