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Investing.com - BMO Capital raised its price target on Incyte (NASDAQ:INCY) to $60.00 from $52.00 on Wednesday, while maintaining an Underperform rating on the stock. The company’s shares, currently trading near their 52-week high of $83.95, have shown strong momentum with a 9.5% gain in the past week.
The price target adjustment comes 30 days into the tenure of Incyte’s new CEO Meury, with BMO noting encouragement from second-quarter 2025 earnings results while acknowledging challenges ahead.
BMO expressed appreciation for the CEO’s impartial approach to assessing internal and external growth opportunities, but highlighted concerns that Incyte’s "modest cash positioning could be growth-limiting for transactions."
The firm cited strong growth for assets like Niktimvo as increasing confidence in that product’s commercial potential, though its views on Jakafi remain "largely unchanged" as the firm looks toward the 2028 loss of exclusivity (LOE).
The price target increase reflects BMO’s expectations for higher near-term revenues from key products Jakafi, Opzelura, and Niktimvo.
In other recent news, Incyte Corporation announced its second-quarter 2025 earnings, revealing a mixed financial performance. The company reported $1.06 billion in product revenues, which fell short of the forecasted $1.15 billion. Despite this revenue miss, Incyte’s Jakafi sales were strong, reaching $764 million and surpassing the consensus estimate of $743 million. Truist Securities responded by raising its price target for Incyte to $79, maintaining a Hold rating on the stock. TD Cowen also raised its price target to $89 from $86, while continuing to recommend a Buy rating, citing robust results across Incyte’s product portfolio. Notably, the revenue from Niktimvo showed a significant 166% increase quarter-over-quarter, generating $36 million and exceeding market expectations. These recent developments reflect the company’s strong product growth and raised guidance for key products.
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