INCY trades 4.4% below Wall Street's consensus target of $130.07.
Last 12 months price action with 12-month analyst target path
The base valuation assumes INCY achieves its forward estimates and maintains a stable P/E multiple of 33.1x. This scenario reflects the blended consensus of 44 Wall Street analysts, balancing both positive catalysts and macroeconomic headwinds over the next 12 months.
As of September 24, 2026, Incyte Corporation (INCY) has a Wall Street consensus price target of $130.07, based on estimates from 44 covering analysts. With the stock currently trading at $124.64, this represents a potential upside of +4.4%. The company has a market capitalization of $25.26B.
Analyst price targets range from a low of $104.00 to a high of $155.00, representing a 39% spread in expectations. The median target of $130.00 aligns closely with the consensus average.
The current analyst consensus rating is Buy, with 23 analysts rating the stock as a Buy or Strong Buy,20 rating it Hold, and 1 rating it Sell or Strong Sell. The positive sentiment balance indicates moderate optimism about the stock prospects.
From a valuation perspective, INCY trades at a trailing P/E of 19.4x and forward P/E of 33.1x. Analysts expect EPS to grow -51.4% over the next year.
Our proprietary valuation model, which blends historical multiples with forward estimates, suggests a base-case price target of $138.70, with bear and bull scenarios of $87.38 and $182.75 respectively. Model confidence stands at 53/100, reflecting moderate uncertainty in projections.
| Company | Market Cap | Price | Target | Upside Potential | Rating | Fwd P/E | Analysts |
|---|---|---|---|---|---|---|---|
 ALKSAlkermes plc | $7.1B | $42.13 | $60.60 | +43.8% | Buy | — | 29 |
 JAZZJazz Pharmaceuticals plc | $14.8B | $234.88 | $289.50 | +23.3% | Buy | 9.4x | 48 |
 EXELExelixis, Inc. | $14.3B | $56.73 | $51.78 | -8.7% | Hold | 16.1x | 33 |
 HALOHalozyme Therapeutics, Inc. | $13.3B | $112.44 | $103.00 | -8.4% | Buy | 13.4x | 27 |
 IONSIonis Pharmaceuticals, Inc. | $7.3B | $43.93 | $86.25 | +96.3% | Buy | — | 33 |
 ACADACADIA Pharmaceuticals Inc. | $4.4B | $25.43 | $33.83 | +33.0% | Buy | 41.1x | 37 |
 BMYBristol-Myers Squibb Company | $124.9B | $61.15 | $70.00 | +14.5% | Buy | 8.8x | 42 |
 ABBVAbbVie Inc. | $468.7B | $265.30 | $287.08 | +8.2% | Buy | 18.9x | 43 |
 PFEPfizer Inc. | $160.6B | $28.17 | $28.50 | +1.2% | Hold | 9.5x | 39 |
 LLYEli Lilly and Company | $1.1T | $1152.70 | $1343.07 | +16.5% | Buy | 31.7x | 45 |
Quick answers to the most common questions about buying INCY stock.
The consensus price target for INCY is $130.07, close to the current price of $124.64 (4.4% implied move). Based on 44 analyst estimates, the stock appears fairly valued near current levels.
INCY has a consensus rating of "Buy" based on 44 Wall Street analysts. The rating breakdown is predominantly bullish, with 23 Buy/Strong Buy ratings. The consensus 12-month price target of $130.07 implies 4.4% upside from current levels.
INCY trades at a forward P/E of 33.1287x, representing a moderate valuation. With analysts targeting $130.07 (4.4% implied move), the stock appears close to fair value.
The most bullish Wall Street analyst has a price target of $155 for INCY, while the most conservative target is $104. The consensus of $130.07 represents the median expectation. Our quantitative valuation model projects a bull case target of $183 based on optimistic growth and margin assumptions. These targets typically reflect 12-month expectations.
INCY is heavily covered by Wall Street, with 44 analysts providing price targets and ratings. Of these, 0 have Strong Buy ratings, 23 have Buy ratings, 20 recommend Hold, and 1 have Sell or Strong Sell ratings. Higher analyst coverage generally indicates greater institutional interest and more reliable consensus estimates.
The 12-month INCY stock forecast based on 44 Wall Street analysts shows a consensus price target of $130.07, with estimates ranging from $104 (bear case) to $155 (bull case). The median consensus rating is "Buy". Our proprietary valuation model produces a base case fair value of $139, with bear/bull scenarios of $87/$183.
Our quantitative valuation model calculates INCY's fair value at $139 (base case), with a bear case of $87 and bull case of $183. The model uses discounted cash flow analysis, historical growth rates, and margin mean-reversion to project FY+2 earnings, then applies an appropriate P/E multiple. The model confidence score is 53/100.
INCY trades at a forward P/E ratio of 33.1x based on next-twelve-months earnings estimates compared to a trailing P/E of 19.4x. The higher forward P/E suggests near-term earnings pressure. A forward P/E is useful for comparing valuations when earnings are expected to change significantly.
INCY appears fairly valued according to analysts, with a "Buy" rating and minimal upside to the $130.07 target. Consider your investment thesis and risk tolerance. This information is for educational purposes only. Always conduct your own research, consider your financial situation, and consult a financial advisor before making investment decisions.
INCY analyst price targets range from $104 to $155, a 39% moderate spread showing some variance in outlooks. Differences stem from varying assumptions about revenue growth, profit margins, competitive dynamics, and valuation multiples. The $130.07 consensus represents the middle ground. Our model's $87-$183 range provides an independent fundamental perspective.
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