Incyte Downgraded – Analyst Notes Intense Competition, Particularly In Larger Markets
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Truist Securities has downgraded Incyte Corporation (NASDAQ:INCY), noting Jakafi’s (ruxolitinib) patent loss approaching in 2028.
Jakafi is Incyte’s top-selling drug. It is indicated for polycythemia vera in adults, intermediate or high-risk myelofibrosis in adults, and steroid-refractory acute graft versus host disease in adult and pediatric patients.
In second quarter 2024, the drug generated sales of $705.9 million, +3% year-over-year, driven by a 9% increase in paid demand.
The analyst downgraded the stock from Buy to Hold, with a price target of $74, down from $83.
Also Read: Incyte Seeks Expanded FDA Approval For Lymphoma Drug After Releasing Promising Topline Data From Late-Stage Study.
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