Incyte price target lowered to $70 from $80 at Argus

Argus analyst Jasper Hellweg lowered the firm’s price target on Incyte to $70 from $80 and keeps a Buy rating on the shares ahead of its Q1 results next week. Shares have fallen 17% over the past three months and underperformed over the past year relative to the S&P500, but the firm remains positive on the company as it advances its pipeline, the analyst tells investors in a research note. Incyte could launch several other blockbuster drugs over the next few years as it has multiple late-stage product candidates under development, the firm added.