BofA raised the firm’s price target on Incyte to $68 from $66 and keeps a Neutral rating on the shares after the company presented Phase 1b dose expansion data for their CDK2i drug in advanced solid tumors at ESMO. The firm increased its pipeline value estimate to $4B from $3.5B based on these updates and data on retifanlimab, resulting in its new price target, but reiterates a Neutral rating as it awaits more definitive validation for the opportunity in the pipeline.
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