Incyte price target lowered to $67 from $69 at BofA

BofA lowered the firm’s price target on Incyte to $67 from $69 and keeps a Neutral rating on the shares after the company presented Phase 2 data for povorcitinib in PN and ruxolitinib cream in mild-to-moderate HS at the AAD meeting. The firm thinks povorcitinib’s results in PN are “encouraging,” but looks for additional color on the commercial opportunity based on initial key opinion leader feedback, so it has lowered its pipeline value to $2.5B from $3B, resulting in its lower price target for the shares.