Incyte initiated with an Overweight at Piper Sandler

Piper Sandler analyst Allison Bratzel initiated coverage of Incyte with an Overweight rating and $100 price target. The shares have been largely range-bound for seven years but Incyte’s foray into the dermatology space with Opzelura will bring about the next leg of growth for the company as it diversifies beyond Jakafi, the analyst tells investors in a research note. Piper thinks Opzelura revenue expectations for 2023 and the out-years are too low.