Oppenheimer lowered the firm’s price target on Incyte to $84 from $92 and keeps an Outperform rating on the shares ahead of quarterly results. Overall, the firm believes the Escient deal makes sense and fits well into Incyte’s expanding dermatology/IAI franchise, while it also doesn’t preclude Incyte from doing more deals. On Incyte’s business, attention will remain on Jakafi/Opzelura growth as Oppenheimer expects typical seasonality in Q1.
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