Citi analyst David Lebowitz maintained a Buy rating on Incyte (INCY – Research Report) today and set a price target of $88.00.
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David Lebowitz has given his Buy rating due to a combination of factors surrounding Incyte’s recent performance and future potential. The company recently reported a strong fiscal year 2024, surpassing revenue expectations for key franchises despite providing lighter guidance for 2025. This performance is driven primarily by robust sales of Jakafi and Opzelura, which continue to show strong patient demand across their respective indications.
Additionally, Incyte is positioned for a catalyst-rich year ahead, which could alleviate concerns about the upcoming 2028 patent expiration of Jakafi, a drug that represents a significant portion of the company’s revenue. The successful bioequivalence study of Jakafi’s extended release formulation and the planned NDA submission are crucial steps in mitigating potential revenue loss. Furthermore, Incyte is set to release pivotal study results, launch new drugs, and initiate several Phase 3 studies, all of which present opportunities for further growth and diversification. These strategic developments underpin Lebowitz’s optimistic outlook and Buy rating for Incyte’s stock.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $86.00 price target.
Based on the recent corporate insider activity of 80 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.