Retail Investors Flock To Incyte As Drug Data, Qiagen Deal Fuel Optimism

Stifel also upgraded the stock to ‘Buy’ with a $107 price target.
In this photo illustration, the Incyte Corporation logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
In this photo illustration, the Incyte Corporation logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
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Deepti Sri·Stocktwits
Updated Jul 02, 2025 | 8:31 PM GMT-04
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Retail investor chatter around Incyte rose sharply on Sunday after the biotech firm announced a precision medicine collaboration with Qiagen and released encouraging early data on its experimental drug targeting mutant CALR-expressing myeloproliferative neoplasms (MPNs).

Incyte shares closed 2.1% lower at $67.75 on Friday.

The companies said Qiagen would develop a next-generation sequencing-based diagnostic panel to detect clinically relevant gene alterations in blood cancers, including the CALR mutation, the second most common driver of MPNs. 

The panel will be validated on the Illumina NextSeq 550Dx platform and support Incyte’s pipeline, including INCA033989.

Additionally, Incyte unveiled initial clinical data from two dose-escalation studies of INCA033989 during the European Hematology Association congress held in Milan.

Researchers are testing their internally developed monoclonal antibody drug on high-risk essential thrombocythemia patients who show resistance or intolerance to previous treatments.

According to the data, patients who received doses equal to or exceeding 400 mg showed an 86% rate of complete or partial hematologic response, and most of these patients reached complete responses.

The study said that 89% of evaluable patients had a reduction in mutant CALR variant allele frequency (VAF), and 21% achieved partial molecular response within three cycles of treatment.

Meanwhile, Stifel upgraded Incyte to ‘Buy’ from ‘Hold’ with a price target of $107.

On Stocktwits, retail sentiment was ‘bullish’ amid ‘high’ message volume.

The stock has declined 2.6% so far in 2025.

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