Incyte initiated with a Buy at Citi

Citi analyst David Lebowitz initiated coverage of Incyte with a Buy rating and $82 price target. Incyte has built a multibillion-dollar franchise driven primarily by Jakafi, the analyst tells investors in a research note. While Jakafi patent expiration appears priced into the shares, in Opzelura, Incyte has another potential blockbuster opportunity, contends Citi. Considering the current Opzelura trajectory and stock price, the firm believes Incyte’s risk/reward profile is skewed positively.