Incyte Corp G12D expectations and focus on upcoming data

研报英文原文证据摘录

Incyte Corp G12D expectations and focus on upcoming data

Global Research

28 July 2026ab

Incyte Corp Equities

United StatesG12D expectations and focus on upcoming data

Biotechnology

12-month rating Neutral

Recent move pricing in meaningful expectations for G12D asset

After an additional ~10% gain today, bringing the stock’s total appreciation to ~50% 12m price target US$113.00

over the past two months, we see less compelling risk-reward from current levels. We

note that since the beginning of June, the stock has added well over ~$5bn in market

Price (28 Jul 2026) US$130.13

cap, with investors mostly focused on G12D pipeline program, which has upcoming

data in October (ESMO). For INCY's '734 (KRAS G12D), we note that the competing RIC: INCY.O BBG: INCY US

drug zoldonrasib from Revolution Medicine (RVMD, covered by Michael Yee) gets sell-

Trading data and key metrics

side cons peak at ~$2.8bn (2035E). While INCY's '734 is at similar stage of development

52-wk range US$130.13-74.89

compared to zondonrasib (Ph3 PDAC), we believe INCY stock is pricing in meaningful

expectations. As a value biopharma name, we see INCY has a tendency to run-up on Market cap. US$26.9b

early-stage pipeline development, for e.g., the stock roughly doubled during 2H25 on Shares o/s 207m (COM)

emergence of mCALR. Free float 99%

Avg. daily volume ('000) 1,776

G12D - Incyte claims pot'l best-in-class and neck-to-neck against competition Avg. daily value (m) US$188.3

At ESMO, Incyte plans to share ~50 patients data for 1L PDAC (GeMNabP & Common s/h equity (12/26E) US$6.94b

mFOLFIRINOX chemo combo cohorts) – and intends to show response rates as well as P/BV (12/26E) 3.3x

some level of durability data. Mgmt noted that the ESMO abstract (Oct 19 release) was Net debt to EBITDA (12/26E) NM