Analyst Tazeen Ahmad from Bank of America Securities reiterated a Buy rating on Incyte and increased the price target to $109.00 from $104.00.
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Tazeen Ahmad has given his Buy rating due to a combination of factors that highlight Incyte’s strong financial performance and promising future prospects. The company reported impressive third-quarter revenues for its key products, Jakafi and Opzelura, surpassing both their own and consensus expectations. This strong performance has led Incyte to raise its fiscal year 2025 revenue guidance for Jakafi and its heme/onc franchise, indicating confidence in sustained growth.
Additionally, Incyte is poised for several upcoming catalysts that could further enhance its market position. These include updates on the mCALR program in myelofibrosis, potential regulatory submissions for povorcitinib in hidradenitis suppurativa, and anticipated data from various phase trials across its pipeline. The company’s strategic decisions, such as discontinuing certain programs due to competitive and regulatory considerations, reflect a focused approach to maximizing its core strengths. These elements collectively underpin Ahmad’s Buy rating and the increased price objective for Incyte’s stock.
Ahmad covers the Healthcare sector, focusing on stocks such as Ascendis Pharma, Incyte, and PTC Therapeutics. According to TipRanks, Ahmad has an average return of -0.9% and a 51.94% success rate on recommended stocks.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $101.00 price target.