Incyte Corporation (NASDAQ:INCY) ranks among the most undervalued NASDAQ stocks to buy now. Citizens JMP reaffirmed its Market Perform rating on Incyte Corporation (NASDAQ:INCY) on September 18 after the company revealed updated clinical trial findings for its medication povorcitinib. The company evaluated povorcitinib in patients with moderate-to-severe hidradenitis suppurativa in its pivotal Phase 3 STOP-HS1/HS2 trials, presenting 24-week data at the EADV 2025 Congress.
According to Citizens JMP, povorcitinib continues to show promise in a field that is becoming increasingly competitive, with Phase 3 trials in vitiligo, prurigo nodularis, and CSU currently underway.
Although the firm estimates that the approval of povorcitinib could result in peak revenues of $1 billion, it says that Incyte shares are fairly valued as it waits for a significant acquisition and pipeline discipline to balance the projected $3 billion+ ruxolitinib patent gap by 2029.
Incyte Corporation, an American global pharmaceutical company, operates as a market leader in developing treatments for patients suffering from various diseases, including cancer.
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This article is originally published at Insider Monkey.
