Incyte (INCY) PT Raised to $77 at Stifel

Stifel analyst Stephen Willey raised the price target on Incyte (NASDAQ: INCY) to $77.00 (from $75.00) while maintaining a Hold rating.

The analyst commented, "The continued trajectory of Opzelura uptake in atopic dermatitis – the focal point of any near-term INCY investment thesis here – remains encouraging and management’s commentary re: reimbursement-mediated discounting trends through YE22 (still expected to reach 40-50% steady-state by YE22 but likely via a steeper trajectory) coupled with early-3Q22 label expansion into vitiligo should allow this franchise to outperform what we still believe to be relatively conservative Consensus expectations through YE22. However, our ability to become more constructive on the stock at these levels ultimately remains dependent on a pipeline which, in its current form (and even with a QD ruxolitinib PDUFA date expected in 1Q23), still appears collectively incapable of providing the longer-term buffer required to offset Jakafi loss of exclusivity in late-FY27 (although the balance sheet does provide some meaningful optionality here). Our estimates remain largely unchanged and our target price increases modestly to $77 (previously $75).'

You May Also Be Interested In

• Incyte (INCY) PT Raised to $150 at Guggenheim
• Coinbase (COIN) PT Lowered to $230 at Benchmark
• Scorpio Tankers (STNG) PT Lowered to $93 at Evercore ISI