Incyte price target raised to $66 from $62 at BofA

BofA raised the firm’s price target on Incyte to $66 from $62 and keeps a Neutral rating on the shares after the company reported Q2 results and raised the bottom of the FY24 Jakafi sales guidance to $2.71B-$2.75B. The company expects several programs in the pipeline could help offset the expected Jakafi loss of exclusivity in 2028, but the firm continues to look for validation to gain confidence in the long-term outlook, the analyst tells investors in a post-earnings note.