On Oct 31, major Wall Street analysts update their ratings for $Incyte (INCY.US)$, with price targets ranging from $80 to $97.
Citi analyst David Lebowitz maintains with a buy rating, and adjusts the target price from $92 to $97.
TD Cowen analyst Marc Frahm maintains with a buy rating, and maintains the target price at $80.
Oppenheimer analyst Jay Olson maintains with a buy rating, and adjusts the target price from $81 to $82.
Truist Financial analyst Srikripa Devarakonda maintains with a hold rating.
JMP Securities analyst Reni Benjamin maintains with a hold rating.
Furthermore, according to the comprehensive report, the opinions of $Incyte (INCY.US)$'s main analysts recently are as follows:
Incyte's third-quarter results showcased topline revenue surpassing expectations, fueled by the enduring growth of essential franchise components like Jakafi and Opzelura. The solid commercial performance, diminishing worries about Jakafi's rivals, and a robust pipeline with multiple opportunities reinforce the company's underlying narrative.
The firm previously held reservations about competitive pressures to Jakafi in myelofibrosis, yet acknowledges that the strong ongoing demand suggests diminished risk currently. They also note optimism driven by the sustained growth of Opzelura, including the potential for its expansion into pediatric atopic dermatitis.
The company demonstrated a robust commercial quarter, showcasing the resilience and strength of its core business despite seasonal challenges and competitive pressures. This performance is anticipated to sustain momentum and enhance investor sentiment as the company approaches several significant updates in the first half of fiscal year 2025.
The company achieved a top-line surpass and provided updated guidance for FY24 that remained steady to improved. This was despite expectations for Jakafi being counterbalanced by a reduced projection in the Heme/Oncology division. Nonetheless, the long-term prospects for the company remain uncertain, especially considering the anticipated impact on revenue from the pipeline following the Jakafi exclusivity expiration slated for 2028.
Incyte has exhibited impressive third-quarter performance, surpassing expectations with a robust top line propelled by Jakafi and Opzelura, alongside a commendable bottom line. In light of this strong commercial execution, the company has elevated its forecast for FY24, hinting at promising Q4 sales for Jakafi and a 6% year-over-year expansion for the subsequent fiscal year. It is anticipated that the industry focus will transition towards pipeline projects, as multiple imminent catalysts are on the horizon, including updates on the LIMBER program, proof of concept data for MRGPRX2 Phase 1/2 in Chronic Spontaneous Urticaria (CSU), and early-2025 top-line results from the povorcitinib Phase 3 trial in Hidradenitis Suppurativa (HS), all of which are expected to elucidate the potential for longer-term growth and compensate for the anticipated loss of exclusivity for Jakafi.
Here are the latest investment ratings and price targets for $Incyte (INCY.US)$ from 5 analysts:
Note:
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