Incyte price target lowered by $5 at Mizuho, here’s why

Mizuho lowered the firm’s price target on Incyte to $77 from $82 and keeps a Neutral rating on the shares. The analyst says data from axatilimab and a competitor/add-on drug to Jakafi suggest that Jakafi’s dominance in myelofibrosis will be maintained. The firm believes Jakafi’s loss of exclusivity overhang has weighed on the shares too heavily recently, though it sees the data at ASH “as a resetting opportunity.” It expects the shares to remain relatively range-bound until there is greater visibility on revenue diversification.