Incyte stock price target raised to $128 by Leerink on mCALR data

Investing.com - Leerink Partners raised its price target on Incyte (NASDAQ:INCY) to $128.00 from $103.00 while maintaining an Outperform rating following the company’s presentation at the 2025 American Society of Hematology conference. The new target aligns with InvestingPro data showing Incyte trading at $102.52, still below its Fair Value estimate, with a "GREAT" financial health score of 3.66. The stock has delivered an impressive 49% return over the past six months.

The firm cited preliminary Phase 1 data for Incyte’s INCA033989 (mCALR) treatment in myelofibrosis patients, which showed a 33.3% response rate in spleen volume reduction and 39.4% improvement in total symptom scores at week 24.

Leerink noted stronger efficacy in patients with Type 1 mutations, which represent approximately 70-75% of mCALR myelofibrosis cases, compared to Type 2 mutations, though the firm believes the treatment could address both populations potentially with higher dosing for Type 2 patients.

Incyte plans to initiate pivotal trials for the mCALR program in second-line essential thrombocythemia in mid-2026 and in second-line myelofibrosis in the second half of 2026, with preliminary Phase 1 results for first-line myelofibrosis expected in the second half of 2026.

The research firm has added both the myelofibrosis and essential thrombocythemia opportunities to its model, estimating peak revenue potential of approximately $870 million for mCALR in myelofibrosis and $1 billion for mCALR in essential thrombocythemia. For deeper insights into Incyte’s financial health and growth prospects, access the comprehensive Pro Research Report available on InvestingPro.

In other recent news, Incyte has made significant strides with its financial and strategic activities. The company presented promising data on its INCA033989 monoclonal antibody treatment for myelofibrosis at a medical conference, leading BofA Securities to raise its price target for Incyte to $118 while maintaining a Buy rating. Similarly, Mizuho upgraded Incyte’s stock rating to Outperform, increasing the price target to $121 following encouraging clinical data presented at the American Society of Hematology meeting. In a strategic move, Incyte secured an exclusive option to acquire Prelude Therapeutics’ JAK2V617F inhibitor program, involving a $35 million upfront payment and a $25 million strategic equity investment.

Additionally, Incyte announced the appointment of Richard Hoffman as Executive Vice President and General Counsel, bringing over 20 years of experience to the role. This appointment is expected to strengthen Incyte’s executive leadership team. The agreement with Prelude Therapeutics could potentially bring up to $775 million in milestone payments and royalties if Incyte exercises its acquisition option. These developments reflect Incyte’s active engagement in expanding its treatment portfolio and enhancing its leadership team.

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