Incyte Soars 10.45% on Positive Drug Data, Analyst Upgrades

Incyte's stock surged 10.45% in pre-market trading on June 16, 2025, driven by a series of positive developments and analyst upgrades.

Stifel upgraded Incyte from Hold to Buy, setting a new price target of $107, up from $75. This upgrade was based on promising data from Incyte's INCA033989 drug, which showed encouraging results in essential thrombocythemia patients. Stifel also added $4.7 billion of peak INCA033989 sales to its model, anticipating additional data disclosures and early fiscal 2026 Phase trial initiation.

Jefferies also raised its price target for Incyte to $82.00 from $76.00, maintaining a Buy rating. This move was supported by the positive drug data presented by Incyte, which has garnered significant attention from retail investors. On Stocktwits, retail sentiment was described as 'bullish' with 'high' message volume, indicating strong investor interest.

Despite the optimism, Wells Fargo analyst Derek Archila maintained a neutral stance on Incyte, giving a Hold rating. Archila's rating reflects a balanced view, acknowledging the potential upside from Incyte's drug pipeline while recognizing the existing risks and uncertainties. The recent Phase 1 data for INCA033989 showed promising efficacy and safety, but the data is still in early stages, and the potential revenue from this drug is seen as medium-to-long-term.

Additionally, UBS reiterated a Hold rating on Incyte with a $61.00 price target, further emphasizing the cautious sentiment surrounding the stock. The market opportunity for mutCALR is significant, but there is uncertainty about whether it can fully compensate for the anticipated revenue loss from Jakafi’s patent expiration in 2029. Investor sentiment remains cautious due to pipeline concerns and the looming patent cliff.