Incyte price target raised to $75 from $73 at Stifel

Stifel raised the firm’s price target on Incyte (INCY) to $75 from $73 and keeps a Hold rating on the shares. The firm says that a solid Jakafi beat/raise and steady/modestly-higher-than-consensus Opzelura growth highlighted an optically strong quarter. Stifel believes today’s move higher is more likely attributable to the cadence of upcoming year-end 2024/the first half of 2025 catalysts and newly-issued $800M-plus FY29 revenue guidance for upcoming/new product launches as opposed to the outperformance of a product approaching LOE in four years. The firm believes Novartis’ (NVS) decision to pause its pursuit of pelabresib regulatory filings in order to resolve rate-limiting safety concerns re: emergent malignancy risk now adds some additional drama to Incyte’s year-end 2024 communication re: pivotal study plans for its BETi. Stifel also views Pfizer’s (PFE) decision to discontinue development of its CDK2i in ovarian cancer as another interesting data point.