What Happened?
Shares of biopharmaceutical company Incyte Corporation (NASDAQ: INCY) jumped 3.2% in the afternoon session after TD Cowen maintained a 'Buy' rating on the stock and increased its price target. The firm's analyst, Marc Frahm, lifted the price target from $101.00 to $128.00, a significant increase of nearly 27%. This adjustment signaled a strong positive outlook for the company's future stock performance. The action from the analyst suggested a heightened confidence in the biopharmaceutical company's value.
The shares closed the day at $105.96, up 2.4% from previous close.
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What Is The Market Telling Us
Incyte’s shares are somewhat volatile and have had 10 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 7 days ago when the stock gained 3.7% on the news that the company announced positive top-line results from a late-stage study of its lymphoma drug, Monjuvi/Minjuvi (tafasitamab).
The Phase III trial, called frontMIND, tested the drug as a first-line treatment for adults with a type of cancer known as diffuse large B-cell lymphoma (DLBCL). The study successfully met its main goal, showing a statistically meaningful improvement in how long patients lived without their disease getting worse. Based on these strong results, Incyte planned to submit a supplemental biologics license application to the FDA in the first half of 2026 to seek approval for this expanded use.
Incyte is up 4.5% since the beginning of the year, and at $105.98 per share, it is trading close to its 52-week high of $110.57 from January 2026. Investors who bought $1,000 worth of Incyte’s shares 5 years ago would now be looking at an investment worth $1,151.
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