Incyte price target raised to $67 from $66 at RBC Capital

RBC Capital raised the firm’s price target on Incyte to $67 from $66 but keeps a Sector Perform rating on the shares. The company’s axatilimab’s approval by the FDA for the treatment of Chronic Graft-Versus-Host Disease came earlier than expected, but this was largely already baked into valuation, the analyst tells investors in a research note. RBC adds that the drug’s launch is delayed until late-2024 to early-2025 anyway, and the movement into earlier lines remains key to maximizing its sales.