UBS raises Incyte price target to $113, maintains Neutral rating

Key Facts

Amid a biotech sector recovery, reports show that UBS raised its price target for Incyte stock from $103 to $113 while maintaining a Neutral rating. The move reflects UBS's view of the company's potential following positive developments including a significant CMS settlement and a positive European regulatory opinion for the drug Opzelura.

The target increase comes amid a broader biotech sector outperformance, which has benefited from strong momentum. Analysts noted that the CMS settlement unlocked new catalysts, along with positive expectations for EU approval of Opzelura. However, the Neutral rating suggests the stock is near fair value given ongoing regulatory uncertainties.

At the close on June 25, INCY traded at $107.53, slightly below the midpoint of the new $103-$113 range. Looking ahead, investor attention may remain on regulatory developments for Opzelura and upcoming earnings, though no specific near-term economic events are scheduled.