10 Best Cancer Stocks to Buy for the Long Term

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6. Incyte Corporation (NASDAQ:INCY)

Number of Hedge Fund Holders: 48

Incyte Corporation (NASDAQ:INCY) is among the best cancer stocks to invest in.

On May 7, INCY reported final 24-week results from its Phase 3 TRuE-AD4 study evaluating Opzelura (ruxolitinib) cream in adults with moderate atopic dermatitis who had limited response or intolerance to standard topical therapies such as corticosteroids and calcineurin inhibitors.

The results, presented at a European dermatology conference, showed that early treatment benefits observed at Week 8 were generally sustained through Week 24. Among patients continuing therapy, a high proportion maintained strong clinical responses, with improvements in skin involvement and itch control remaining consistent over time. Safety findings were in line with earlier data, showing good tolerability and no new safety concerns during extended use up to 24 weeks.

Separately, earlier on May 1, Incyte Corporation (NASDAQ:INCY) announced that the U.S. Food and Drug Administration approved Jakafi XR, an extended-release formulation of ruxolitinib. The approval covers treatment of adults with intermediate- or high-risk myelofibrosis, adults with polycythemia vera who do not respond adequately to or cannot tolerate hydroxyurea, and both adults and adolescents aged 12 and older with steroid-refractory acute graft-versus-host disease or chronic GVHD after prior systemic therapy.

The company highlighted that the once-daily formulation expands dosing convenience for eligible patients while maintaining the established clinical role of Jakafi in hematologic and immune-related conditions, broadening therapeutic options without altering its core use.

Incyte Corporation (NASDAQ:INCY) is a biopharmaceutical company based in Wilmington focused on oncology, hematology, and inflammation. Its key drug is Jakafi (ruxolitinib), used for blood cancers and related conditions, along with other therapies for cancer and skin diseases.

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