Incyte price target lowered to $52 from $56 at BMO Capital

BMO Capital lowered the firm’s price target on Incyte to $52 from $56 and keeps a Market Perform rating on the shares after its Q1 earnings miss. The downward re-rating in the stock reflects the challenging reality of the Opzelura launch and extended pipeline progress, and the firm’s updated model is due to tempered expectations for Opzelura, along with longer-term impacts to operating expense from Incyte’s growing pipeline, the analyst tells investors in a research note.