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Investing.com - RBC Capital has raised its price target on Incyte (NASDAQ:INCY) to $72.00 from $68.00 while maintaining a Sector Perform rating on the stock. The company’s shares are currently trading at $77.89, having surged over 9% in the past week and showing strong momentum according to InvestingPro data.
The firm cited strong demand-driven growth from Incyte’s products Jakafi and Niktimvo, along with better-than-expected performance from Opzelura, as factors that should address commercial concerns.
RBC Capital noted that Incyte’s new CEO has expressed willingness to take a "fresh look" at the business, which should satisfy investors seeking greater focus on research and development.
Despite these positive developments, RBC Capital highlighted ongoing challenges for Incyte, including the approaching $3 billion Jakafi patent cliff and uncertainties surrounding key life cycle initiatives such as mCALR, V617F, BET, and XR formulations.
The firm maintained that while Incyte’s strategy appears to be in good hands, it would need to see clearer pipeline successes before taking a more positive stance on the stock.
In other recent news, Incyte Corporation reported its second-quarter earnings for 2025, revealing a mixed financial performance. The company missed revenue forecasts, reporting $1.06 billion in product revenues against a forecasted $1.15 billion. Despite this, strong product growth and raised guidance for key products were noted. Analysts have responded to these developments with various adjustments. Truist Securities increased its price target for Incyte to $79 from $73, citing strong Jakafi sales, which reached $764 million and exceeded the consensus estimate of $743 million. TD Cowen raised its price target to $89 from $86, highlighting robust results across all products, particularly noting the impressive growth of Niktimvo with $36 million in revenue. BMO Capital also adjusted its price target to $60 from $52, maintaining an Underperform rating but acknowledging encouragement from the earnings results. These updates reflect the recent developments surrounding Incyte’s financial performance and analyst outlooks.
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