Wolfe Research starts Incyte at Outperform amid ‘major push’ in I&I

Wolfe Research analyst Andy Chen initiated coverage of Incyte (INCY) with an Outperform rating and $84 price target. The company has a “three-pronged focus” with its continued dominance in hematology as its Niktimvo drug is now approved in Graft-Versus-Host Disease, while also developing major products in solid oncology and “making a major push” into Immunology & Inflammation, the analyst tells investors in a research note. The firm adds that it is positive on Incyte’s povorcitinib in hidradenitis suppurativa, or HS, adding that while Abbvie’s (ABBV) Rinvoq will likely be auto-preferred at most plans, they are unlikely to pay precious rebates on RA & psoriasis to block povorcitinib coverage