Incyte's Jakafi Demand Is Strong, Analyst Upgrades Stock
Portfolio Pulse from Vandana Singh
Incyte Corporation (NASDAQ:INCY) reported strong Q3 revenue, driven by increased demand for Jakafi. BofA Securities upgraded the stock from Neutral to Buy, raising the price target to $90. The analyst sees potential growth in Incyte's pipeline and anticipates a catalyst-rich 2025.
October 30, 2024 | 8:37 pm
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Incyte's Q3 revenue exceeded expectations, driven by strong Jakafi demand. BofA upgraded the stock to Buy, raising the price target to $90, citing potential growth in the pipeline and reduced competitive pressure.
Incyte's strong Q3 performance and increased guidance for Jakafi revenue indicate robust demand. The BofA upgrade and raised price target reflect confidence in Incyte's growth prospects, particularly with upcoming pivotal readouts in 2025. The analyst's optimistic view on Jakafi's market position and potential pipeline success further supports a positive short-term impact on the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100