On Oct 30, major Wall Street analysts update their ratings for $Incyte (INCY.US)$, with price targets ranging from $48 to $97.
BofA Securities analyst Tazeen Ahmad upgrades to a buy rating, and adjusts the target price from $68 to $90.
Citi analyst David Lebowitz maintains with a buy rating, and adjusts the target price from $92 to $97.
Wells Fargo analyst Derek Archila maintains with a hold rating, and adjusts the target price from $63 to $68.
TD Cowen analyst Marc Frahm maintains with a buy rating, and maintains the target price at $80.
BMO Capital analyst Evan Seigerman maintains with a sell rating, and maintains the target price at $48.
Furthermore, according to the comprehensive report, the opinions of $Incyte (INCY.US)$'s main analysts recently are as follows:
Incyte's Q3 results have been notable for surpassing revenue expectations, primarily driven by the sustained growth of its key products, Jakafi and Opzelura. The company's underlying narrative is strengthened by its steady commercial performance, reduced apprehensions regarding Jakafi's competition, and a robust pipeline with multiple potential opportunities.
Previous concerns regarding competitive pressure to Jakafi in myelofibrosis appear to be abating in light of the strong continued demand, suggesting a diminished risk profile. Additionally, the sustained growth of Opzelura, alongside the potential for expansion into pediatric atopic dermatitis, is viewed positively.
The company's recent top-line performance surpassed expectations, accompanied by an updated forecast for FY24 that remained relatively steady or showed potential improvement. This was despite the projection for Jakafi being balanced out by a diminished outlook for the Heme/Oncology segment. Nevertheless, there persists a level of uncertainty regarding the company's long-term prospects, primarily due to apprehensions about growth considering that the bulk of pipeline revenue is anticipated subsequent to the Jakafi patent expiration in 2028.
Incyte has been observed to deliver strong third-quarter results, surpassing expectations with the performance of Jakafi and Opzelura, and also outperforming in terms of profits. Demonstrating effective commercial strategies, the company has increased its forecast for fiscal year 2024, suggesting robust sales for Jakafi in the fourth quarter and a 6% growth for the entire fiscal year. The focus is anticipated to shift towards the company's pipeline projects, where several imminent events are expected, including updates on the LIMBER program and key data releases from clinical studies on MRGPRX2 in chronic spontaneous urticaria, along with Phase 3 results for povorcitinib in hidradenitis suppurativa, which will shed light on potential growth drivers beyond the patent expiration of Jakafi.
It is believed that the recent uplift in Incyte's share value may be partially due to a better-than-expected financial performance, yet it may also be attributed to the anticipation of numerous significant data disclosures expected in the first half of 2025. Shares are anticipated to perform positively leading up to these events, although the stock valuation is not considered particularly low.
Here are the latest investment ratings and price targets for $Incyte (INCY.US)$ from 12 analysts:
Note:
TipRanks, an independent third party, provides analysis data from financial analysts and calculates the Average Returns and Success Rates of the analysts' recommendations. The information presented is not an investment recommendation and is intended for informational purposes only.
Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
TipRanks provides a ranking of each analyst up to 5 stars, which is representative of all recommendations from the analyst. An analyst's past performance is evaluated on a scale of 1 to 5 stars, with more stars indicating better performance. The star level is determined by his/her total success rate and average return.
