Incyte price target lowered to $65 from $69 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Incyte (INCY) to $65 from $69 and keeps an Equal Weight rating on the shares. Based on the Phase 3 top-line results from two pivotal trials evaluating povorcitinib in hidradenitis suppurativa, the firm lowered its pipeline estimates, which contributes to a price target reduction, the analyst tells investors. Noting that there will be multiple pipeline updates throughout 2025, the firm adds that it would expect most focus on initial proof of concept data sets for myelofibrosis and essential thrombocythemia through the mCALR and JAKV2617Fi programs.