Incyte Corp

INCY: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$88.00	Bhpnld	Khddpnlmm

Incyte Shares Undervalued, as New Launches Poised to Drive Continued Double-Digit Growth

Karen Andersen

Nov 2, 2021

We're maintaining our $116 per share fair value estimate for Incyte following third-quarter results that were in line with our expectations, and we remain bullish on the firm's ongoing launches of Jakafi in chronic graft versus host disease, topical Opzelura in atopic dermatitis, and blood cancer drug Minjuvi. While Jakafi's continued growth forms the basis of our narrow moat rating, we see these newer pipeline therapies contributing to the firm's positive moat trend.

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