Incyte price target lowered to $70 from $75 at BMO Capital

BMO Capital lowered the firm’s price target on Incyte to $70 from $75 and keeps a Market Perform rating on the shares after its Q1 earnings miss. The analyst states that with the Jakafi loss of exclusivity looming, potential impacts from Inflation Reduction Act starting to be understood and this quarter’s underperformance, investors are looking for some meaningful progress out of Incyte’s next generation of products.