10 Best Biotech Stocks to Buy According to Billionaire Steve Cohen

5. Incyte Corporation (NASDAQ:INCY)

Point72 Asset Management Equity Stake: $20.71 Million

Number of Hedge Fund Holders: 37

Incyte Corporation (NASDAQ:INCY) is one of the best biotech stocks to buy according to billionaire Steve Cohen. On July 15, UBS reiterated a ‘Neutral’ rating on the stock and increased its price target to $62 from $61.

The price hike comes as UBS expects higher sales for Incyte’s Niktimvo, a treatment for chronic Graft-versus-Host Disease (cGVHD). Amid the expected higher sales, UBS has revised its 2026 earnings per share estimate of $6.36 from $6.26.

UBS also maintained a 9.5x price-to-earnings multiple on Incyte, as it expects the company’s second-quarter earnings call to provide clarity on the company’s strategic direction. The company’s pipeline has already received a boost following the FDA’s extension of the review for ruxolitinib cream for pediatric atopic dermatitis.

Incyte Corporation (NASDAQ:INCY) is a biopharmaceutical company that discovers, develops, and commercializes proprietary therapies in oncology and inflammation & autoimmunity. It also boasts a growing portfolio of treatments for other diseases, including those in dermatology.