With a market cap of $13.3 billion, Incyte Corporation (INCY) is a global biopharmaceutical company focused on discovering, developing, and commercializing therapies in oncology, inflammation, and autoimmunity. The Wilmington, Delaware-based company has over 2,600 employees and a manufacturing and R&D footprint across North America, Europe, and Asia.

Companies valued at $10 billion or more are generally labelled as “large-cap” stocks, and Incyte fits this criterion perfectly. Its leadership stems from its strong portfolio of high-demand specialty drugs, notably Jakafi and Opzelura, which serve as key revenue drivers in the oncology and dermatology markets. Its robust research and development capabilities, with a diverse and advancing pipeline targeting cancer, inflammation, and autoimmune diseases, position it for long-term innovation.

Despite that, INCY has fallen 19.9% from its 52-week high of $83.95, achieved on Nov. 8. Yet, shares of INCY have risen 8.6% over the past three months, compared to the SPDR S&P Biotech ETF’s (XBI) 5.6% fall during the same time frame.

INCY is down 2.6% on a YTD basis, lagging behind XBI's 8.7% gains. However, shares of Incyte have climbed 6.4% over the past 52 weeks, compared to XBI’s 10.9% fall over the same time frame.

INCY has been trading above its 200-day moving average since early June and has mostly stayed above its 50-day moving average since mid-May.

On June 16, shares of Incyte rose more than 4% following the announcement of encouraging clinical trial results for its investigational therapy targeting a blood disorder. The company reported positive data from two separate studies, which demonstrated the treatment’s potential effectiveness and safety in managing the condition, likely a form of myeloproliferative neoplasm or a related hematologic disease. The strong outcomes from these trials bolstered investor confidence in the strength of Incyte’s R&D pipeline and its ability to diversify beyond its flagship drug, Jakafi. 

In comparison, rival Exelixis, Inc. (EXEL) outperformed INCY. Shares of Exelixis have gained 95.4% over the past 52 weeks and 30.2% on a YTD basis.

Among the 25 analysts covering the stock, there is a consensus rating of “Moderate Buy,” and its mean price target of $75.81 indicates an upswing potential of 12.7% from the prevailing price levels.