Incyte Shares Soar 8.89% on Positive ASH 2025 Data, Guggenheim Upgrade to Buy

The share price rose to its highest level so far this month, with an intraday gain of 8.89%.

Incyte’s recent rally was fueled by positive preliminary data for INCB0989, an investigational therapy for myelofibrosis, presented at the ASH 2025 platform. The drug demonstrated a favorable safety profile and monotherapy activity, particularly in combination with Jakafi, its flagship treatment for myeloproliferative neoplasms. Analysts highlighted the potential for INCB0989 to expand Incyte’s therapeutic reach in hematologic malignancies. Meanwhile, Guggenheim upgraded the stock from Neutral to Buy with a $125 price target, citing confidence in the company’s oncology pipeline and upcoming data presentations.

Financial metrics underscore Incyte’s resilience, with a 14.4% three-year revenue growth rate and a 24.7% net margin. The company’s robust balance sheet, including a 3.2 current ratio and minimal debt, supports sustained R&D investment. Upcoming milestones at the ASH 2025 meeting, including data on INCA033989 and axatilimab, are expected to further validate its pipeline. Strategic partnerships with Novartis and Eli Lilly, along with a diversified portfolio spanning MPNs, dermatology, and oncology, position Incyte to capitalize on emerging opportunities while mitigating sector-specific risks.