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Delaware-based Incyte Corporation (INCY) focuses on the discovery, development, and commercialization of therapeutics for hematology, oncology, and inflammation & autoimmunity conditions. Valued at $13.6 billion by market cap, Incyte’s expertise in medicinal chemistry and biology has enabled it to create a diversified portfolio of marketed products and clinical candidates.
The biotech major has slightly lagged behind the broader market over the past year. INCY stock has gained 21.6% over the past 52 weeks and nearly 2% on a YTD basis, compared to the S&P 500 Index’s ($SPX) 22.3% surge over the past year and 4% gains in 2025.
Zooming in further, Incyte has notably outpaced the industry-focused SPDR S&P Biotech ETF’s (XBI) marginal 30 basis point gain over the past year and 1.5% returns in 2025.
Despite the initial positive momentum during the start of 2025, Incyte’s stock prices plummeted 7.9% after the release of its mixed Q4 results on Feb. 10. While the company delivered a robust 16.3% year-over-year growth in revenues to $1.2 billion, driven by the continued strong performance of Jakafi and Opzelura cream, which surpassed Street’s topline expectations, Incyte’s profitability fell below analysts’ estimates. Although the company reported a significant 17.7% year-over-year growth in non-GAAP net income to $281.4 million, its adjusted EPS of $1.43 missed the consensus estimates by 6.5%, unsettling investor confidence.
For the current fiscal 2025, ending in December, analysts expect INCY to observe a notable growth in earnings to $4.86 per share. However, the company has a disappointing earnings surprise history. It has missed the Street’s bottom-line estimates in each of the past four quarters.
Among the 24 analysts covering the INCY stock, the consensus rating is a “Moderate Buy.” That’s based on 11 “Strong Buy,” 12 “Moderate Buy,” and one “Strong Sell” rating.
This configuration has been mostly stable over the past months.
On Feb. 11, RBC Capital analyst Brian Abrahams reiterated a “Sector Perform” rating on INCY while setting a price target of $68.
INCY’s mean price target of $77.57 represents a 10.2% premium to current price levels, while its street-high target of $100 indicates a staggering 42% upside potential.
