Incyte price target lowered to $74 from $80 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the firm’s price target on Incyte (INCY) to $74 from $80 and keeps a Sector Perform rating on the shares. The analyst firm the company’s announced and “disappointing” enrollment pause for MRGPRX2 on preclinical tox findings, noting that while the asset was early and “always higher risk”, the large potential market opportunity in CSU/CInDU and proximity to proof-of-concept data had made it one of Incyte’s higher-profile pipeline programs with the potential to be “transformative if successful”, the analyst tells investors in a research note. There is uncertainty on next steps and readout cadence for the program, pending clarity from FDA, RBC adds.