Incyte's Valuation Under the Spotlight Amid Share Price Momentum

Incyte (INCY) shares have shown solid momentum, gaining 12% in the past month and 21% in the past 3 months. The company's performance and pipeline developments have drawn investor attention. Despite a slight pullback, momentum has built throughout the year, reflecting renewed optimism around its clinical pipeline and commercial expansion. The market has priced in optimistic growth scenarios, with the stock trading above some analyst price targets. However, setbacks in key clinical trials or increased competition could undermine recent optimism.