Solid Tumor Spotlight: TGFβR2xPD-1 Bi-specific Antibody and KRAS G12D Inhibitor ESMO 2025 October 19, 2025 Forward looking statements Except for the historical information set forth herein, the matters set forth in this release contain predictions, estimates and other forward-looking statements, including any discussion of the potential and opportunities presented by INCA33890 and INCB161734 and plans for further development of the same. These forward-looking statements are based on Incyte's current expecta ...

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Core Viewpoint - Investors are evaluating Incyte (INCY) and argenex SE (ARGX) for potential undervalued stock opportunities, with INCY currently appearing as the more favorable option based on various valuation metrics and earnings outlook [1][3][7]. Valuation Metrics - Incyte has a forward P/E ratio of 14.34, significantly lower than argenex SE's forward P/E of 51.00, indicating that INCY may be undervalued compared to ARGX [5]. - The PEG ratio for Incyte is 0.57, while argenex SE has a PEG ratio of 0.88, suggesting that INCY offers better value relative to its expected earnings growth [5]. - Incyte's P/B ratio stands at 4.13, compared to argenex SE's P/B of 8.19, further supporting the notion that INCY is more attractively valued [6]. Earnings Outlook - Incyte holds a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while argenex SE has a Zacks Rank of 3 (Hold), suggesting a less favorable earnings estimate revision trend [3][7]. - The stronger estimate revision activity for Incyte implies that its earnings outlook is improving more significantly than that of argenex SE [7]. Value Grades - Based on the analysis of various valuation metrics, Incyte has been assigned a Value grade of B, while argenex SE has a Value grade of C, indicating that INCY is perceived as a better value investment at this time [6].

Core Insights - Incyte is set to present data on its TGFR2×PD-1 bispecific antibody and KRAS G12D inhibitor at the ESMO Congress 2025 [1] Group 1 - The presentation will focus on the efficacy and safety profiles of the bispecific antibody and the KRAS G12D inhibitor [1]

Upgrades - Seaport Research upgraded Constellation Energy (CEG) to Buy from Neutral with a price target of $407, anticipating more datacenter power deal announcements and positive earnings revisions for thermal IPPs before year-end [2] - Wolfe Research upgraded Otis Worldwide (OTIS) to Outperform from Peer Perform with a price target of $109, noting that downside risk to Q4 outlook is widely anticipated but offsetting positive developments could drive more bullish positioning [3] - JPMorgan upgraded Ionis Pharmaceuticals (IONS) to Overweight from Neutral with a price target of $80, up from $49, citing multiple launches that position the company on a path to breakeven [4] - Needham upgraded Penumbra (PEN) to Buy from Hold with a price target of $326, expecting significant growth acceleration in 2026 due to upcoming product launches and easing headwinds in China [4] - Deutsche Bank upgraded Northrop Grumman (NOC) to Buy from Hold with a price target of $700, up from $575, forecasting strong free cash flow post-2028 as key programs become cash profitable [5] Downgrades - HSBC downgraded Intel (INTC) to Reduce from Hold with a price target of $24, up from $21.25, indicating that while short-term deal announcements may drive stock higher, sustainable turnaround relies on fab execution [6] - JPMorgan downgraded FedEx (FDX) to Neutral from Overweight with a price target of $274, down from $284, based on recent channel checks suggesting a lower multiple for FedEx's freight segment [6] - Oppenheimer downgraded Edwards Lifesciences (EW) to Perform from Outperform with no price target, indicating a structural nature to the downgrade despite potential TAVR upside in Q3 [6] - BofA downgraded Freshpet (FRPT) to Neutral from Buy with a price target of $60, down from $81, citing deteriorating growth in the pet food category due to slowed pet adoptions and reduced consumer spending [6] - Oppenheimer downgraded Incyte (INCY) to Perform from Outperform with a price target of $82, up from $81, due to high expectations for several products and new management [6]

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Incyte (INCY) , which belongs to the Zacks Medical - Biomedical and Genetics industry, could be a great candidate to consider.This specialty drugmaker has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 13.90%.For the last repor ...

Group 1 - Incyte Corporation (NASDAQ:INCY) is recognized as one of the top biotech stocks to consider for investment, with RBC Capital maintaining a Sector Perform rating and raising its price target from $72 to $81 [1] - The increase in price target is attributed to the growing interest in Incyte's '989 CALR antibody program, especially in anticipation of updates from the American Society of Hematology (ASH) [1][2] - RBC Capital expects key opinion leaders to seek at least a 30% reduction in spleen volume for myelofibrosis combination therapy and will monitor sustained responses and deeper variant allele frequency (VAF) for essential thrombocythemia treatment [2] Group 2 - Incyte Corporation is a leading global pharmaceutical company focused on developing treatments for various diseases, including cancer [2]

Core Insights - Investors are evaluating Incyte (INCY) and argenex SE (ARGX) for potential undervalued stock opportunities [1] Group 1: Zacks Rank and Earnings Outlook - Incyte has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while argenex SE has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank system emphasizes companies with positive earnings estimate revisions, suggesting that INCY has an improving earnings outlook [3][2] Group 2: Valuation Metrics - Incyte's forward P/E ratio is 13.65, significantly lower than argenex SE's forward P/E of 45.69 [5] - Incyte has a PEG ratio of 0.55, compared to argenex SE's PEG ratio of 0.78, indicating better value relative to expected earnings growth [5] - Incyte's P/B ratio is 3.93, while argenex SE's P/B ratio is 7.22, further highlighting Incyte's relative undervaluation [6] Group 3: Value Grades - Based on various valuation metrics, Incyte holds a Value grade of B, whereas argenex SE has a Value grade of C [6] - Incyte's stronger estimate revision activity and more attractive valuation metrics suggest it is the superior option for value investors at this time [7]

Core Insights - Incyte Corporation (NASDAQ:INCY) is identified as one of the most undervalued stocks on NASDAQ, particularly following the recent updates on its clinical trials for povorcitinib [1][2] - Citizens JMP has maintained a Market Perform rating for Incyte, highlighting the ongoing Phase 3 trials for povorcitinib in various conditions, including hidradenitis suppurativa [1][2] - The potential peak revenue for povorcitinib is estimated at $1 billion, but Incyte's shares are considered fairly valued as the company navigates a projected $3 billion+ patent gap for ruxolitinib by 2029 [2] Company Overview - Incyte Corporation is a leading American pharmaceutical company focused on developing treatments for various diseases, including cancer [3]

Group 1 - Incyte Corporation is highlighted as a relatively cheap stock within the S&P 500, particularly in the healthcare sector, which has struggled this year [1] - The company has nine approved products primarily in oncology and dermatology, along with a strong pipeline, contributing to a year-to-date stock increase of nearly 23% [1] - Incyte is projected to experience 19% earnings growth and trades at just under 12 times next year's earnings, indicating it is undervalued [1] Group 2 - The new CEO of Incyte, Bill Meury, is recognized as an industry veteran and deal maker, previously leading Karuna Therapeutics and holding a significant role at Allergan [2] - The potential of Incyte as an investment is acknowledged, although there are suggestions that certain AI stocks may offer better upside potential with less risk [2]