Incyte Corporation (NASDAQ:INCY) is considered one of the most undervalued NASDAQ stocks to buy now, with promising clinical trial findings for its medication povorcitinib in patients with hidradenitis suppurativa. Citizens JMP reaffirmed its Market Perform rating on the company, estimating peak revenues of $1 billion if the drug is approved.

Povorcitinib shows promise in competitive fields like vitiligo, prurigo nodularis, and CSU, with ongoing Phase 3 trials. Incyte Corporation is a global pharmaceutical leader focused on developing treatments for various diseases, including cancer. The company is working to balance a projected patent gap by 2029.

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Disclosure: None. This article is originally published at Insider Monkey.

Read more at Yahoo Finance: Incyte (INCY) Advances Clinical Trials for Povorcitinib Across Multiple Conditions