Dernières nouvelles pour Incyte (NASDAQ:INCY) Stock

Incyte

Incyte focuses on the discovery and development of small-molecule drugs. The firm's lead drug, Jakafi, treats two types of rare blood cancer and graft versus host disease and is partnered with Novartis. Incyte's other marketed drugs include rheumatoid arthritis treatment Olumiant (licensed to Lilly), and oncology drugs Iclusig (chronic myeloid leukemia), Pemazyre (cholangiocarcinoma), Tabrecta (lung cancer), and Monjuvi (diffuse large B-cell lymphoma). The firm's first dermatology product, Opzelura, was approved in 2021 for atopic dermatitis and 2022 for vitiligo. Incyte's pipeline includes a broad array of oncology and dermatology programs.

Incyte Corp

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INCY

Watching Incyte; Traders Circulate Research Report From Unemon Suggesting Novartis Emerges As The Ideal Acquirer, Says "Would Not Be Surprised To See A $105-$110 Deal In The Coming Weeks"

16 analysts have shared their evaluations of Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) during the recent three months, expressing a mix of bullish and bearish perspectives.
The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">3</td>
<td align="right">1</td>
<td align="right">11</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">2</td>
<td align="right">1</td>
<td align="right">6</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">3</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for Incyte, revealing an average target of $73.69, a high estimate of $97.00, and a low estimate of $52.00. Observing a 6.41% increase, the current average has risen from the previous average price target of $69.25. 
<img src="https://www.benzinga.com/files/images/story/2024/1731614438_0.png" alt="price target chart" />
<h2>Interpreting Analyst Ratings: A Closer Look</h2>
An in-depth analysis of recent analyst actions unveils how financial experts perceive Incyte. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Brian Abrahams</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$80.00</td>
<td>$72.00</td>
</tr>
<tr>
<td>Derek Archila</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$68.00</td>
<td>$62.00</td>
</tr>
<tr>
<td>David Lebowitz</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$97.00</td>
<td>$92.00</td>
</tr>
<tr>
<td>Vikram Purohit</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$69.00</td>
<td>$64.00</td>
</tr>
<tr>
<td>Salveen Richter</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Neutral</td>
<td>$70.00</td>
<td>$63.00</td>
</tr>
<tr>
<td>Brian Abrahams</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$72.00</td>
<td>$67.00</td>
</tr>
<tr>
<td>Jay Olson</td>
<td>Oppenheimer</td>
<td>Raises</td>
<td>Outperform</td>
<td>$82.00</td>
<td>$81.00</td>
</tr>
<tr>
<td>Jessica Fye</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$71.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Evan Seigerman</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Underperform</td>
<td>$52.00</td>
<td>$48.00</td>
</tr>
<tr>
<td>Tazeen Ahmad</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$90.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Jessica Fye</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$65.00</td>
<td>$61.00</td>
</tr>
<tr>
<td>Derek Archila</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$62.00</td>
<td>$63.00</td>
</tr>
<tr>
<td>Srikripa Devarakonda</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Hold</td>
<td>$74.00</td>
<td>$83.00</td>
</tr>
<tr>
<td>Michael Schmidt</td>
<td>Guggenheim</td>
<td>Raises</td>
<td>Buy</td>
<td>$92.00</td>
<td>$86.00</td>
</tr>
<tr>
<td>Tazeen Ahmad</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Neutral</td>
<td>$68.00</td>
<td>$66.00</td>
</tr>
<tr>
<td>Brian Abrahams</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Sector Perform</td>
<td>$67.00</td>
<td>$67.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Incyte. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Incyte compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for Incyte's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
Assessing these analyst evaluations alongside crucial financial indicators can provide a comprehensive overview of Incyte's market position. Stay informed and make well-judged decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/INCY/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Incyte analyst ratings.</a>
<h2>Unveiling the Story Behind Incyte</h2>
Incyte focuses on the discovery and development of small-molecule drugs. The firm's lead drug, Jakafi, treats two types of rare blood cancer and graft versus host disease and is partnered with Novartis. Incyte's other marketed drugs include rheumatoid arthritis treatment Olumiant (licensed to Lilly), and oncology drugs Iclusig (chronic myeloid leukemia), Pemazyre (cholangiocarcinoma), Tabrecta (lung cancer), and Monjuvi (diffuse large B-cell lymphoma). The firm's first dermatology product, Opzelura, was approved in 2021 for atopic dermatitis and 2022 for vitiligo. Incyte's pipeline includes a broad array of oncology and dermatology programs.
<h3>Understanding the Numbers: Incyte's Finances</h3>
Market Capitalization Perspectives: The company's market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
Revenue Growth: Incyte's remarkable performance in 3 months is evident. As of 30 September, 2024, the company achieved an impressive revenue growth rate of 23.81%. This signifies a substantial increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Health Care sector.
Net Margin: Incyte's net margin is impressive, surpassing industry averages. With a net margin of 9.36%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): Incyte's ROE stands out, surpassing industry averages. With an impressive ROE of 3.45%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): Incyte's financial strength is reflected in its exceptional ROA, which exceeds industry averages. With a remarkable ROA of 2.2%, the company showcases efficient use of assets and strong financial health.
Debt Management: Incyte's debt-to-equity ratio is below the industry average at 0.01, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>How Are Analyst Ratings Determined?</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Analysts may supplement their ratings with predictions for metrics like growth estimates, earnings, and revenue, offering investors a more comprehensive outlook. However, investors should be mindful that analysts, like any human, can have subjective perspectives influencing their forecasts.
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Analyst Ratings

Cracking The Code: Understanding Analyst Reviews For Incyte

RBC Capital analyst Brian Abrahams maintains Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) with a Sector Perform and raises the price target from $72 to $80.

Price Target

RBC Capital Maintains Sector Perform on Incyte, Raises Price Target to $80

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BSX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>11/22/24</td>
<td>$87.00</td>
<td>$27.8K</td>
<td>600</td>
<td>3.0K</td>
</tr>
<tr>
<td>VKTX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/29/24</td>
<td>$70.00</td>
<td>$71.9K</td>
<td>2.1K</td>
<td>1.0K</td>
</tr>
<tr>
<td>ALT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$11.00</td>
<td>$41.8K</td>
<td>250</td>
<td>926</td>
</tr>
<tr>
<td>AMGN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$320.00</td>
<td>$376.7K</td>
<td>1.6K</td>
<td>760</td>
</tr>
<tr>
<td>BMY</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>08/15/25</td>
<td>$65.00</td>
<td>$645.0K</td>
<td>1</td>
<td>750</td>
</tr>
<tr>
<td>CVS</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$55.00</td>
<td>$112.1K</td>
<td>1.7K</td>
<td>726</td>
</tr>
<tr>
<td>MRK</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$100.00</td>
<td>$59.3K</td>
<td>445</td>
<td>431</td>
</tr>
<tr>
<td>HIMS</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$23.00</td>
<td>$95.7K</td>
<td>4.2K</td>
<td>288</td>
</tr>
<tr>
<td>PTGX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$35.00</td>
<td>$38.1K</td>
<td>48</td>
<td>268</td>
</tr>
<tr>
<td>INCY</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$67.50</td>
<td>$35.5K</td>
<td>1.1K</td>
<td>157</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• For BSX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>), we notice a put option sweep that happens to be neutral, expiring in 9 day(s) on November 22, 2024. This event was a transfer of 316 contract(s) at a $87.00 strike. This particular put needed to be split into 38 different trades to become filled. The total cost received by the writing party (or parties) was $27.8K, with a price of $88.0 per contract. There were 600 open contracts at this strike prior to today, and today 3045 contract(s) were bought and sold. 
• For VKTX (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>), we notice a call option trade that happens to be bullish, expiring in 16 day(s) on November 29, 2024. This event was a transfer of 899 contract(s) at a $70.00 strike. The total cost received by the writing party (or parties) was $71.9K, with a price of $80.0 per contract. There were 2173 open contracts at this strike prior to today, and today 1039 contract(s) were bought and sold. 
• For ALT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALT#NASDAQ">ALT</a>), we notice a put option sweep that happens to be bullish, expiring in 2 day(s) on November 15, 2024. This event was a transfer of 416 contract(s) at a $11.00 strike. This particular put needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $41.8K, with a price of $100.0 per contract. There were 250 open contracts at this strike prior to today, and today 926 contract(s) were bought and sold. 
• Regarding AMGN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), we observe a call option sweep with bearish sentiment. It expires in 37 day(s) on December 20, 2024. Parties traded 352 contract(s) at a $320.00 strike. This particular call needed to be split into 46 different trades to become filled. The total cost received by the writing party (or parties) was $376.7K, with a price of $1070.0 per contract. There were 1630 open contracts at this strike prior to today, and today 760 contract(s) were bought and sold. 
• Regarding BMY (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), we observe a put option trade with bullish sentiment. It expires in 275 day(s) on August 15, 2025. Parties traded 750 contract(s) at a $65.00 strike. The total cost received by the writing party (or parties) was $645.0K, with a price of $860.0 per contract. There were 1 open contracts at this strike prior to today, and today 750 contract(s) were bought and sold. 
• Regarding CVS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), we observe a put option sweep with bullish sentiment. It expires in 219 day(s) on June 20, 2025. Parties traded 210 contract(s) at a $55.00 strike. This particular put needed to be split into 27 different trades to become filled. The total cost received by the writing party (or parties) was $112.1K, with a price of $533.0 per contract. There were 1798 open contracts at this strike prior to today, and today 726 contract(s) were bought and sold. 
• Regarding MRK (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), we observe a call option sweep with bullish sentiment. It expires in 219 day(s) on June 20, 2025. Parties traded 85 contract(s) at a $100.00 strike. This particular call needed to be split into 13 different trades to become filled. The total cost received by the writing party (or parties) was $59.3K, with a price of $695.0 per contract. There were 445 open contracts at this strike prior to today, and today 431 contract(s) were bought and sold. 
• Regarding HIMS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>), we observe a call option sweep with bullish sentiment. It expires in 2 day(s) on November 15, 2024. Parties traded 174 contract(s) at a $23.00 strike. This particular call needed to be split into 21 different trades to become filled. The total cost received by the writing party (or parties) was $95.7K, with a price of $549.0 per contract. There were 4250 open contracts at this strike prior to today, and today 288 contract(s) were bought and sold. 
• For PTGX (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTGX#NASDAQ">PTGX</a>), we notice a call option sweep that happens to be bearish, expiring in 65 day(s) on January 17, 2025. This event was a transfer of 37 contract(s) at a $35.00 strike. This particular call needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $38.1K, with a price of $1030.0 per contract. There were 48 open contracts at this strike prior to today, and today 268 contract(s) were bought and sold. 
• For INCY (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>), we notice a call option sweep that happens to be bullish, expiring in 2 day(s) on November 15, 2024. This event was a transfer of 25 contract(s) at a $67.50 strike. This particular call needed to be split into 9 different trades to become filled. The total cost received by the writing party (or parties) was $35.5K, with a price of $1416.0 per contract. There were 1186 open contracts at this strike prior to today, and today 157 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

AMGN

Hims & Hers Health, Inc. Class A Common Stock

HIMS

PTGX

VKTX

10 Health Care Stocks With Whale Alerts In Today's Session

Watching Incyte; Shares See Volume As Traders Circulate Unconfirmed Rumor Of M&A Blog Comments Suggesting The Co Is In Talks To Be Acquired

On Tuesday,&nbsp;Incyte&nbsp;Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) reported&nbsp;third-quarter revenue&nbsp;of $1.14 billion, up 24% year over year, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41604825/incyte-clocks-mixed-q3-earnings-but-analyst-sees-a-strong-quarter-for-jakafi-and-op" rel="noreferrer noopener">consensus of $1.08 billion</a>.
Jakafi&nbsp;(ruxolitinib) net product revenues increased to&nbsp;$741.18 million, up 16% year over year, primarily due to a 10% increase in total demand.
Guidance: Incyte forecasts 2024 Jakafi revenue of $2.74 billion—$2.77 billion, up from prior guidance of $2.71 billion—$2.75 billion.
BofA Securities analyst upgraded Incyte&#8217;s stock, citing strong demand for Jakafi liſts overhang on competitive pressure in myelofibrosis and sees multiple shots on goal from the pipeline with several pivotal readouts expected in 2025.
The analyst upgraded from Neutral to Buy with a price target of 90, <a target="_blank" href="https://www.benzinga.com/quote/INCY/analyst-ratings" rel="noreferrer noopener">up from $68</a>.
&#8220;We are also encouraged by continued growth for Opzelura with potential to expand into pediatric AD (approval expected in 2H25). We note 2025 will be a catalyst-rich year with several pivotal readouts,&#8221; the analyst added.
Although clinical validation is still necessary, the BofA analyst writes that some of these programs may help offset the anticipated loss of exclusivity for Jakafi in 2028.
The analyst has a more optimistic view of Jakafi&#8217;s prospects in myelofibrosis, seeing a reduced risk of market share erosion from new competitors.
The updated model projects Jakafi&#8217;s peak sales at $3.2 billion, up from our previous estimate of $2.8 billion. The analyst has also raised estimates for Opzelura, anticipating strong growth driven by the pediatric atopic dermatitis market and robust demand in the EU, now projecting peak sales of $1.7 billion.
Price Action: INCY stock closed higher by 0.45% to $73.93 on Wednesday.
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Analyst Color

Biotech

Earnings

Guidance

Upgrades

Health Care

General

Incyte's Jakafi Demand Is Strong, Analyst Upgrades Stock

Wells Fargo analyst Derek Archila maintains Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) with a Equal-Weight and raises the price target from $62 to $68.

Wells Fargo Maintains Equal-Weight on Incyte, Raises Price Target to $68

On Tuesday, Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>) reported third-quarter sales of $12.823 billion, up 9% (+10% on constant currency), beating the <a target="_blank" href="https://www.benzinga.com/general/biotech/24/10/41598312/novartis-q3-earnings-beats-expectations-on-strong-sales-from-key-drugs-lifts-2024-outlook" rel="noreferrer noopener">consensus of $12.76 billion</a>.
Guidance: Novartis also raised its 2024 full-year guidance again this year.
In a statement, Novartis said it expects full-year core operating income to grow by a &#8220;high teens&#8221; percentage, compared with previous guidance of a &#8220;mid-to-high teens&#8221; percentage.
Novartis forecasts full-year sales growth in the low double digits, having previously guided for high-single to low-double-digit growth.
Pelabresib filing was further delayed, triggering a $800 million impairment charge related to the $2.9 billion <a target="_blank" href="https://www.benzinga.com/general/biotech/24/04/38497134/morphosys-says-novartis-deal-progressing-steadily-despite-safety-concerns-over-bone-marrow-cancer" rel="noreferrer noopener">acquisition of MorphoSys</a>.
Earlier this year, MorphoSys faced&nbsp;a burgeoning safety concern surrounding&nbsp;pelabresib.
Goldman Sachs notes that MorphoSys-related impairment charge is somewhat underwhelming, raising doubts about the company&#8217;s M&amp;A strategy.
Truist notes that Novartis is concentrating on preparing the market for the PSMAFore label, which is expected to triple its addressable market.
They also pointed out that growth opportunities in China and Japan, and metastatic hormone-sensitive prostate cancer (mHSPC) and oligometastatic disease, could push Pluvicto&#8217;s sales well above the projected $2 billion peak.
The company is committed to maximizing the potential of Pluvicto and its radioligand therapy (RLT) portfolio.
For other radiopharmaceutical companies targeting PSMA, entering this market may become more challenging.
A crucial question remains regarding the standards that must be met to compete with more effective radioligand products. This context relates to companies such as Eli Lilly And Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) and Bristol Myers Squibb &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), which have RLT products in their pipelines, as well as smaller companies, including Y-mAbs Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YMAB#NASDAQ">YMAB</a>) and Perspective Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CATX#NASDAQ">CATX</a>).
Novartis highlighted continued strong growth and momentum and sees room to grow the market size for B-cell inhibition in multiple sclerosis, relating Biogen Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>).
Truist highlights Novartis&#8217; strong balance sheet, which enables further bolt-on deals and share buybacks. Recent transactions primarily involve deals in the sub-$1 billion range, along with a few larger bolt-on acquisitions.
A Truist analyst indicated that they will be monitoring how the adoption of Leqvio may affect Amgen Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) Repatha and Regeneron Pharmaceuticals Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>) Praluent. Meanwhile, Novartis has reported that the launch is advancing smoothly, and Leqvio continues to grow, outpacing the overall market as per the management.
Novartis&#8217; Cosentyx witnessed strong uptake and continued brand growth driven by hidradenitis suppurativa expansion, and the market opportunity can accommodate several players, Abbvie Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NASDAQ">ABBV</a>), Incyte Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>), and Kymera Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KYMR#NASDAQ">KYMR</a>).
Price Action: NVS stock is down 0.48% at $110.00 at last check Wednesday.
Photo by Taljat David via Shutterstock
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Positive Outlook For Novartis As Company Capitalizes On Growing Treatment Opportunities, Analyst Highlights

Citigroup analyst David Lebowitz maintains Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) with a Buy and raises the price target from $92 to $97.

Citigroup Maintains Buy on Incyte, Raises Price Target to $97

Morgan Stanley analyst Vikram Purohit maintains Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) with a Equal-Weight and raises the price target from $64 to $69.

Morgan Stanley Maintains Equal-Weight on Incyte, Raises Price Target to $69

Goldman Sachs analyst Salveen Richter maintains Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) with a Neutral and raises the price target from $63 to $70.

Goldman Sachs Maintains Neutral on Incyte, Raises Price Target to $70

RBC Capital analyst Brian Abrahams maintains Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) with a Sector Perform and raises the price target from $67 to $72.

RBC Capital Maintains Sector Perform on Incyte, Raises Price Target to $72

Oppenheimer analyst Jay Olson maintains Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) with a Outperform and raises the price target from $81 to $82.

Oppenheimer Maintains Outperform on Incyte, Raises Price Target to $82

JP Morgan analyst Jessica Fye maintains Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) with a Neutral and raises the price target from $65 to $71.

JP Morgan Maintains Neutral on Incyte, Raises Price Target to $71

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>B of A Securities analyst Tazeen Ahmad upgraded the rating for Incyte Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) from Neutral to Buy and raised the price target from $68 to $90. Incyte shares closed at $73.60 on Tuesday. <a href="https://www.benzinga.com/quote/INCY/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird analyst Jonathan Komp upgraded Boot Barn Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOOT#NYSE">BOOT</a>) from Neutral to Outperform and maintained the price target of $167. Boot Barn shares closed at $129.38 on Tuesday. <a href="https://www.benzinga.com/quote/BOOT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Seaport Global analyst Aaron Kessler upgraded the rating for Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) from Neutral to Buy and announced a $200 price target. Alphabet shares closed at $171.14 on Tuesday. <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Jefferies analyst Trevor Williams upgraded Nayax Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NYAX#NASDAQ">NYAX</a>) from Hold to Buy. Nayax shares closed at $28.41 on Tuesday. <a href="https://www.benzinga.com/quote/NYAX/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>B of A Securities analyst Miranda Zhuang upgraded the rating for KE Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEKE#NYSE">BEKE</a>) from Neutral to Buy and raised the price target from $24 to $28. KE Holdings shares closed at $22.16 on Tuesday. <a href="https://www.benzinga.com/quote/BEKE/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41599928/top-3-tech-and-telecom-stocks-which-could-rescue-your-portfolio-for-october">Top 3 Tech And Telecom Stocks Which Could Rescue Your Portfolio For October</a></li>
</ul>

Markets

BEKE

BOOT

GOOG

GOOGL

NYAX

This Alphabet Analyst Turns Bullish; Here Are Top 5 Downgrades For Wednesday

BMO Capital analyst Evan Seigerman reiterates Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) with a Underperform and raises the price target from $48 to $52.

Reiteration

BMO Capital Reiterates Underperform on Incyte, Raises Price Target to $52

B of A Securities analyst Tazeen Ahmad upgrades Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) from Neutral to Buy and raises the price target from $68 to $90.

B of A Securities Upgrades Incyte to Buy, Raises Price Target to $90

On Tuesday,&nbsp;Incyte&nbsp;Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>)&nbsp;reported <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41595212/incyte-reports-2024-third-quarter-financial-results-and-provides-updates-on-key-clinical-programs" rel="noreferrer noopener">third-quarter revenue</a> of $1.14 billion, up 24% year over year and beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $1.08 billion</a>.
The company reported adjusted EPS of $1.07, down from $1.10 a year ago and missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40045943/incytes-q2-earnings-wider-than-expected-loss-pipeline-review-lifts-jakafi-sales-gui" rel="noreferrer noopener">consensus estimate of $1.09</a>.
Jakafi&nbsp;(ruxolitinib) net product revenues increased to&nbsp;$741.18 million, up 16% year over year, primarily due to a 10% increase in total demand.
Channel inventory at the end of the third quarter of 2024 was within the normal range.
For the quarter ended September 30, total royalty revenues grew by 20%, driven by 20% and 17% growth in Jakavi and Olumiant royalty revenues, respectively.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40926543/incyte-downgraded-analyst-notes-intense-competition-particularly-in-larger-markets" rel="noreferrer noopener">Incyte Downgraded &#8211; Analyst Notes Intense Competition, Particularly In Larger Markets</a>
Opzelura&nbsp;(ruxolitinib) net product revenues reached $139 million, up 52%, &nbsp;due to continued growth in new patient starts and refills in the U.S. and increased contribution from Europe, driven by continued uptake in Germany and the launch in France.
Guidance: Incyte forecasts 2024 Jakafi revenue of $2.74 billion—$2.77 billion, up from prior guidance of $2.71 billion—$2.75 billion.
William Blair analyst writes, "This marks another strong quarter for both of the company's key products, Jakafi and Opzelura."
William Blair says that Jakafi is maintaining consistent growth, addressing a significant worry for investors amid heightened competition in the myelofibrosis market.
The company's move to increase its guidance should alleviate concerns about competition posing a serious challenge.
The analyst adds, "We continue to see steady growth of Jakafi in approved indications and believe that ongoing studies for lifecycle management could provide upside to current peak sales and offer the potential to extend Jakafi franchise exclusivity. We believe that Opzelura should provide Incyte with an additional meaningful commercial opportunity in large immune dermatological indications."
Price Action:&nbsp;INCY stock is up 10.10% at $72.33 at the last check on Tuesday.
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Movers

Incyte Clocks Mixed Q3 Earnings, But Analyst Sees A Strong Quarter For Jakafi And Opzelura

U.S. stocks were higher, with the Dow Jones index gaining around 50 points on Tuesday.
Shares of Corning Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLW#NYSE">GLW</a>) rose sharply during Tuesday's session after reporting better-than-expected third-quarter financial results and issued better-than-expected <a href="https://www.benzinga.com/quote/GLW/earnings">fourth-quarter outlook</a>.
Corning reported quarterly earnings of 54 cents per share which beat the analyst consensus estimate of 52 cents per share. The company reported quarterly sales of $3.73 billion which beat the analyst consensus estimate of $3.72 billion.
Corning shares jumped 7% to $50.12 on Tuesday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>GeneDx Holdings Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WGS#NASDAQ">WGS</a>) shares jumped 39% to $77.96 after the company reported better-than-expected third-quarter financial results and raised its FY24 revenue guidance.</li>
<li>V.F. Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) shares gained 25.3% to $21.35 after the company reported better-than-expected second-quarter financial results.</li>
<li>Canaan Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAN#NASDAQ">CAN</a>) gained 18% to $1.25.</li>
<li>Lithium Americas Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAC#NYSE">LAC</a>) climbed 15.7% to $4.79. Lithium Americas closed $2.26 billion U.S. DOE ATVM loan.</li>
<li>Opera Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPRA#NASDAQ">OPRA</a>) gained 15.5% to $19.48 after the company reported better-than-expected third-quarter financial results and raised its FY24 revenue guidance..</li>
<li>Inari Medical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NARI#NASDAQ">NARI</a>) gained 15.1% to $49.00 after the company reported better-than-expected third-quarter sales results and raised its FY24 revenue guidance above estimates. Also, Piper Sandler maintained a Neutral rating on the stock and raised its price target from $50 to $5.</li>
<li>Shutterstock, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSTK#NYSE">SSTK</a>) gained 11.7% to $32.98 after the company reported better-than-expected third-quarter financial results and issued FY24 guidance above estimates. Also, the company announced it will integrate its GIPHY API into TikTok&#8217;s messaging platform.</li>
<li>IPG Photonics Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IPGP#NASDAQ">IPGP</a>) gained 9.3% to $86.61 following upbeat quarterly earnings.</li>
<li>Rambus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMBS#NASDAQ">RMBS</a>) gained 8.7% to $48.74 following third-quarter results.</li>
<li>Incyte Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) rose 8.4% to $71.21 after the company reported better-than-expected third-quarter revenue results and raised its FY24 net product revenue guidance.</li>
<li>Hayward Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAYW#NYSE">HAYW</a>) gained 8.3% to $16.03 after the company reported better-than-expected third-quarter financial results and raised the lower end of its FY24 net sales guidance range.</li>
<li>CBIZ, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBZ#NYSE">CBZ</a>) rose 7.5% to $71.88 following upbeat quarterly earnings.</li>
<li>Rubrik, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBRK#NYSE">RBRK</a>) rose 7% to $43.42.</li>
</ul>
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Intraday Update

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NARI

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RMBS

SSTK

Corning Posts Upbeat Q3 Earnings, Joins Opera, Inari Medical, Incyte And Other Big Stocks Moving Higher On Tuesday

WIIM

Incyte shares are trading higher after the company reported better-than-expected Q3 revenue results and raised its FY24 net product revenue guidance.

Incyte (INCY – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Andrew Berens from Leerin...

Incyte's Strong Financial Performance and Pipeline Potential Justify Buy Rating and Increased Price Target

RBC Capital raised the firm's price target on Incyte (INCY) to $72 from $67 and keeps a Sector Perform rating on the shares. The company's strong c...

Incyte price target raised to $72 from $67 at RBC Capital

Incyte: Q3 Earnings Ramping Up Growth To Jump The Patent Cliff

These names in the biotech sector are seeing a substantial increase in search activity today, as determined by InvestingChannel. They include:&nbsp...

Biotech Alert: Searches spiking for these stocks today

Karyopharm gains after changes to late-stage trial

What Moved Markets This Week

Syndax, Royalty Pharma enter into $350M royalty funding deal

Merus: Petosemtamab Set Up For December 2024 Data Presentation

In a report released today, Brian Abrahams from RBC Capital maintained a Hold rating on Incyte (INCY – Research Report), with a price target of $80...

RBC Capital Sticks to Its Hold Rating for Incyte (INCY)

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Press Releases

Incyte Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Incyte Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Incyte to Report Third Quarter Financial Results

Incyte Furthers Commitment to People Living with Atopic Dermatitis by Sharing Additional Patient Experiences as part of its Moments of Clarity Program

Knight Therapeutics Announces Approval of Minjuvi® (tafasitamab) in Mexico

Incyte Named One of Top 5 Companies on Science Magazine's 2024 Top Employers List

Incyte Reports 2024 Third Quarter Financial Results and Provides Updates on Key Clinical Programs

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