Incyte price target raised to $77 from $75 at Stifel

Stifel raised the firm’s price target on Incyte (INCY) to $77 from $75 and keeps a Hold rating on the shares. A “solid top-line beat” and “mostly-encouraging” FY25 guidance appears to be “overshadowed by investor trepidation” over povorcitinib Phase3 data due in the first half of 2025, the analyst says. While the firm remains “favorably biased” on the prospect of achieving povorcitinib-mediated statistical significance, key opinion leader feedback on the competitive efficacy benchmarks established by novel biologics keeps the firm cautious on the longer-term opportunity, the analyst tells investors.