Oppenheimer analyst Jay Olson downgraded Incyte (INCY) to Perform from Outperform with a price target of $82, up from $81. The firm cites the high expectations for Opzelura, povorcitinib, mCALR, CDK2i, and new management for the downgrade. Incyte’s share rally “has run its course” and the stock has reached a fair valuation, the analyst tells investors in a research note.
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