Analyst Vikram Purohit of Morgan Stanley maintained a Hold rating on Incyte (INCY – Research Report), retaining the price target of $69.00.
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Vikram Purohit’s rating is based on a combination of factors that affect Incyte’s stock performance. Concerns have emerged following the company’s 4Q24 earnings call due to uncertainties regarding the potential success of povorcitinib’s Phase III data in hidradenitis suppurativa, which could impact investor sentiment in the first half of 2025. The company’s guidance for 2025 appears aligned with current expectations, but the stock experienced significant pressure, likely due to these concerns.
U.S. Jakafi’s performance was stable, with a slight edge over consensus for 4Q24 and a 2025 guide that brackets current expectations. However, management’s expectations for Opzelura sales in 2025 are modestly below consensus at the midpoint, although 4Q24 sales outperformed. Additionally, the potential for future growth is present with ongoing trials, but uncertainty around the outcome of these trials contributes to the Hold rating.
According to TipRanks, Purohit is an analyst with an average return of -5.3% and a 36.76% success rate. Purohit covers the Healthcare sector, focusing on stocks such as Ascendis Pharma, Axsome Therapeutics, and Genmab.