Stock of the Day

March 25, 2022

Incyte (INCY)

$113.27
+$1.70 (+1.5%)
Market Cap: $22.61B

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis. Its clinical stage products include retifanlimab under Phase 3 clinical trials for squamous cell carcinoma of the anal canal and non-small cell lung cancer; axatilimab, an anti-CSF-1R monoclonal antibody under Phase 2 that is being developed as a therapy for patients with chronic GVHD; INCA033989 to inhibit oncogenesis; INCB160058, which is being developed as a disease-modifying therapeutic; and INCB99280 and INCB99318 for the treatment solid tumors. The company also develops INCB123667, INCA32459, and INCA33890, as well as Ruxolitinib cream, Povorcitinib, and INCA034460. It has collaboration out-license agreements with Novartis and Lilly; in-license agreements with Agenus, Merus, MacroGenics, and Syndax; and collaboration and license agreement with China Medical System Holdings Limited for the development and commercialization of povorcitinib. The company sells its products to specialty, retail, and hospital pharmacies, distributors, and wholesalers. The company was formerly known as Incyte Genomics Inc and changed its name to Incyte Corporation in March 2003. Incyte Corporation was incorporated in 1991 and is headquartered in Wilmington, Delaware.

Today's Trend

Incyte Corporation (NASDAQ: INCY) was trading lower despite several favorable analyst updates. The news flow is mixed: stronger earnings and higher valuation targets provide support, but analysts remain cautious about the stock’s upside, which may be contributing to investor selling.

  • Wells Fargo raised its price target to $128 from $116 while maintaining an Equal Weight rating. The new target implies potential upside from the stock’s recent trading level, although the unchanged rating signals limited conviction for significant outperformance. Wells Fargo adjusts price target on Incyte
  • A Q2 biotechnology-sector earnings roundup highlighted Incyte’s recent results, in which the company exceeded consensus expectations for both earnings and revenue. Incyte reported $3.09 in quarterly EPS versus a $2.15 estimate and $1.67 billion in revenue versus a $1.50 billion forecast, with revenue increasing 37.7% year over year. Q2 earnings roundup
  • J.P. Morgan reaffirmed its Hold rating on INCY, reinforcing the view that the stock is fairly valued rather than an immediate buying opportunity. J.P. Morgan reaffirms Hold rating
  • Brokerages collectively assign Incyte an average “Moderate Buy” recommendation, indicating generally constructive sentiment but not a strong consensus conviction. Incyte receives Moderate Buy recommendation
  • Recent comparisons with other biotechnology companies and value-stock coverage do not identify a new company-specific catalyst. The combination of cautious ratings and limited fresh operational news may be weighing on INCY despite its strong quarterly performance.
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