Incyte just upgraded at Leerink, here’s why

Leerink upgraded Incyte to Outperform from Market Perform with a $78 price target following the recent hematology meeting, ASH. The firm’s previously rating had been based on concerns about the Jakafi patent cliff and the perceived lack of R&D productivity, but with a new head of R&D, it appears the company has refocused efforts and is “leveraging dominance in myeloproliferative diseases,” the analyst tells investors after the company presented a number of datasets and had an investor event at the ASH conference.