Incyte initiated with a Neutral at Cantor on ‘lukewarm view’ of pipeline

As previously reported, Cantor Fitzgerald initiated coverage of Incyte with a Neutral rating and no price target. While the firm views shares as “inexpensive,” it expresses a “lukewarm view on prospects for the company’s pipeline” and thinks Incyte should pursue a course of action that includes a major stock buyback and further R&D prioritization in advance of key pipeline readouts in 2025 and 2026, the analyst tells investors.