Incyte price target raised to $66 from $61 at RBC Capital

RBC Capital analyst Brian Abrahams raised the firm’s price target on Incyte to $66 from $61 and keeps a Sector Perform rating on the shares. The company’s Q2 results were “solid” as its sales hit “elevated” expectations despite the seasonality headwinds for Jakafi and Opzelura vs. Q1 and an announced “pipeline pruning”, the analyst tells investors in a research note. RBC adds however that the firm expects more in-line share performance for the second half of the year, with valuation “fairly balancing” reward-risk.