Incyte price target lowered to $61 from $62 at Wells Fargo

Wells Fargo lowered the firm’s price target on Incyte to $61 from $62 and keeps an Equal Weight rating on the shares. The firm notes the Q4 print was largely in line, though the U.S. Jakafi guide for 2024 came in slightly lower than consensus along with a higher-than-expected 2024 Opex forecast. That said, given the recent weakness in shares Wells thinks this may be largely priced in.