Stifel upgrades Incyte to Buy after ‘best-case scenario’ data

Stifel last night upgraded Incyte (INCY) to Buy from Hold with a price target of $107, up from $75. This weekend’s presentation of preliminary INCA033989 dose-escalation data in essential thrombocythemia patients “represents a best-case scenario,” the analyst tells investors in a research note. The firm says INCA033989 yielded rapid and sustained clinical and molecular responses and, “most-impressively,” clear biomarker-associated evidence of disease modification and restoration of normal hematopoiesis. Stifel is now adding $4.7B of peak INCA033989 sales to its model ahead of additional year-end data disclosures and an early fiscal 2026 Phase trial initiation. It believes the drug “provides a source of enthusiasm” which hasn’t existed in the Incyte model since epacadostat.