Incyte price target raised to $68 from $67 at Stifel

Stifel raised the firm’s price target on Incyte to $68 from $67 and keeps a Hold rating on the shares. The continued stabilization and growth of the Jakafi myelofibrosis, MF, patient market share observed in Q4 should mitigate investor concerns around the potential FY24+ impact of newly-approved and launched JAKi competitors, the analyst tells investors. The Opzelura launch kinetics remain “optically impressive,” but the firm remains cautious on the long-term prospects of Monjuvi/Minjuvi. Further, the Myeloproliferative Neoplasms and Graft-Versus-Host Disease pipeline is likely to be devoid of meaningful FY24 catalysts, Stifel adds.