Incyte price target raised to $82 from $81 at Oppenheimer

Oppenheimer analyst Jay Olson raised the firm’s price target on Incyte (INCY) to $82 from $81 and keeps an Outperform rating on the shares. The firm notes Incyte reported strong Q3 results featuring both a top line beat, driven by Jakafi and Opzelura, and a bottom-line beat. With solid commercial execution, Incyte raised FY24 Jakafi guidance, suggesting $740M Jakafi Q4 sales and 6% year-over-year growth for FY24. Oppenheimer expects attention to shift to pipeline programs with several near-term catalysts, including LIMBER program update, MRGPRX2 Phase 1/2 PoC data in CSU, and povorcitinib Phase 3 topline in HS in early-2025 that should provide clarity on longer-term growth contribution to offset Jakafi LOE.