Is Incyte Stock Outperforming the Nasdaq?

With a market cap of $18.7 billion, Wilmington, Delaware-based Incyte Corporation (INCY) is a biopharmaceutical company focused on the discovery, development, and commercialization of innovative therapeutics across the United States, Europe, Canada, and Japan. Its marketed portfolio includes treatments for oncology, hematology, and immune-related diseases. 

Companies valued at $10 billion or more are generally classified as “large-cap” stocks, and Incyte fits this criterion perfectly. The company also advances a robust clinical-stage pipeline through internal research and strategic collaborations.

Shares of the specialty drugmaker are down 12.7% from its 52-week high of $109.28. INCY stock has risen 14.8% over the past three months, outperforming the broader Nasdaq Composite's ($NASX) 4.8% gain over the same time frame.

Longer term, INCY stock is up 38.1% on a YTD basis, surpassing NASX's 20.1% increase. Moreover, shares of Incyte have soared 34.7% over the past 52 weeks, compared to NASX's 16.5% return over the same time frame.

The stock has been trading above its 200-day moving average since June. 

Incyte reported strong Q3 2025 results on Oct. 28 that beat expectations, with adjusted EPS of $2.26 and total revenue of $1.37 billion, up 20% year-over-year. Investor sentiment was further boosted by robust product performance, including Jakafi revenue of $791 million, Opzelura revenue of $188 million, and strong early uptake of Niktimvo with $46 million in sales. Additionally, Incyte raised its full-year 2025 net product revenue guidance to $4.23 billion - $4.32 billion. Nevertheless, the stock fell 1.5% on that day.

In comparison, rival Exelixis, Inc. (EXEL) has lagged behind INCY stock. Shares of Exelixis have gained 22.8% on a YTD basis and 16.2% over the past 52 weeks.

Despite INCY’s strong performance over the past year, analysts remain cautiously optimistic about its prospects. Among the 25 analysts covering the stock, there is a consensus rating of “Moderate Buy,” and the mean price target of $101 is a premium of 5.9% to current levels.