Incyte price target lowered to $68 from $70 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the firm’s price target on Incyte (INCY) to $68 from $70 and keeps a Sector Perform rating on the shares. The company reported a “solid” Q4 and the management’s guidance for Jakafi and for Niktimvo launch were okay, but with slightly disappointing guide for key long-term growth driver Opzelura, higher expected R&D spend, and perhaps some reaffirmation of the uncertainties going into the high-focus phase Povorcitinib HS – hidradenitis suppurativa – readout, the analyst tells investors in a research note.