Incyte price target raised to $52 from $48 at BMO Capital

BMO Capital raised the firm’s price target on Incyte (INCY) to $52 from $48 but keeps an Underperform rating on the shares. The company delivered a top-line beat with updated FY24 guidance that was flattish to higher as its Jakafi outlook was offset by lower Heme/Oncology, though the firm’s uncertainty on the long-term outlook for Incyte is unchanged given its growth concerns with the majority of pipeline revenue expected after the Jakafi loss of exclusivity in 2028, the analyst tells investors in a research note.