Incyte (INCY) PT Raised to $150 at Guggenheim

Guggenheim analyst Whitney Ljem raised the price target on Incyte (NASDAQ: INCY) to $150.00 (from $136.00) while maintaining a Buy rating.

The analyst commented: "INCY reported positive 2Q results that included a top-line beat accompanied by a raise of 2026 guidance. Total revenue came in above Street consensus (+5%, excluding a one-time non-cash benefit for Opzelura) with a 4% beat on net product sales. Mgmt highlighted broad strength of its commercial core-business ex-Jakafi and the R&D pipeline, including anticipated near-term approvals (Opzelura AD in EU, povorcitinib in HS, and Monjuvi in 1L DLBCL) through early 2027, and 13 Phase 3 ongoing studies with 10 data readouts guided for 2H26. We think near-term investor focus will shift to ESMO (October) where management sounded positive on upcoming data updates for '734 (KRAS G12D), ’890 (TGFβR2 x PD-1 bsAb), as well as '667 (CDK2 inhibitor), and later ASH (December) which will likely focus on updates for the ’989 (mutCALR mAb) program, including Ph 1 data in 1L MF, and potentially Niktimvo (1L GVHD, fibrosis data). Of note, INCY discontinued its JAK2V617F inhibitor (not surprising) and is advancing a next-gen asset (in addition of having the PRLD opt-in agreement). We are updating our model to reflect 2Q results and maintaining our BUY rating, with a $150/shr PT (from $136 previously)."

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