Citizens analyst Reni J. Benjamin reiterated a Market Perform rating on Incyte (NASDAQ: INCY).

The analyst commented, "We maintain our Market Perform rating for Incyte based on a discounted EPS and revenue multiple analysis. Recently, Incyte reported positive updated VIVID-3 data evaluating VGA039, a first-inclass, once-monthly, monoclonal antibody for von Willebrand disease (vWD) at the 2026 ISTH conference. We view the results as clinically meaningful, setting the stage to take share of a $3.5-$5B TAM in moderateto-severe vWD patients. With revenues accelerating across all product lines, multiple late-stage programs advancing toward pivotal readouts and regulatory filings, and a streamlined pipeline, we continue to be confident the growing therapeutic portfolio could meaningfully offset the $3B+ rux patent cliff expected by YE28. That said, without factoring in the $4B in cash (pro forma $2.75B cash once the deal closes in 3Q26) or the potential for the mutCALR antibody, VGA039, or povorcitinib to replace rux revenues upon LOE, we continue to see shares as fairly valued."

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Shares of Incyte closed at $114.88 yesterday.