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    Why Incyte (INCY) Is Down 6.2% After Breakthrough Status for INCA033989 And Promising Phase 1 Data

    Simply Wall St·12/10/2025 14:19:22
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    • In early December 2025, Incyte reported that its mutant calreticulin-targeted antibody INCA033989 received FDA Breakthrough Therapy designation for certain essential thrombocythemia patients and released Phase 1 data showing encouraging responses and tolerability in myeloproliferative neoplasms.
    • By pairing this regulatory milestone with early signs of disease-modifying activity in myelofibrosis, INCA033989 is emerging as a potential new pillar in Incyte’s hematology franchise beyond Jakafi.
    • Next, we’ll examine how Breakthrough Therapy status for INCA033989 and its early myelofibrosis data could reshape Incyte’s investment narrative.

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    Incyte Investment Narrative Recap

    To own Incyte, you need to believe that management can turn a Jakafi-centric business into a broader, durable hematology and oncology portfolio. INCA033989’s Breakthrough Therapy designation and disease-modifying Phase 1 myelofibrosis data could strengthen the near term pipeline catalyst story, but they do not remove the core risk that delays, setbacks or intense competition could still blunt the payoff from rising R&D spend.

    The most directly relevant development is Incyte’s plan to move INCA033989 into registrational programs for essential thrombocythemia and myelofibrosis starting in 2026, positioning it as a potential follow on pillar alongside Jakafi. How efficiently those late stage programs progress, and whether they translate early signals into durable, registrational quality data, now sits near the top of the company’s catalyst list for investors tracking pipeline execution.

    But while INCA033989 helps address dependence on Jakafi, investors should also be aware that...

    Read the full narrative on Incyte (it's free!)

    Incyte's narrative projects $5.9 billion revenue and $1.5 billion earnings by 2028.

    Uncover how Incyte's forecasts yield a $95.57 fair value, in line with its current price.

    Exploring Other Perspectives

    INCY 1-Year Stock Price Chart
    INCY 1-Year Stock Price Chart

    Three fair value estimates from the Simply Wall St Community range from US$60 to about US$164.75, highlighting very different views on what Incyte is worth. With INCA033989 emerging as a key pipeline catalyst beyond Jakafi, it is worth considering how these contrasting expectations might play into future perceptions of the company’s earnings resilience and risk profile.

    Explore 3 other fair value estimates on Incyte - why the stock might be worth 37% less than the current price!

    Build Your Own Incyte Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

    • A great starting point for your Incyte research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
    • Our free Incyte research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Incyte's overall financial health at a glance.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.