Incyte price target raised to $92 from $86 at Guggenheim

Guggenheim raised the firm’s price target on Incyte to $92 from $86 and keeps a Buy rating on the shares after the company discussed Phase I data for its CDK2 inhibitor INCB123667 and positive pivotal Phase 3 data for retifanlimab in squamous cell anal carcinoma, or SCAC, at the ESMO meeting in Barcelona, Spain. The firm came away from ESMO with higher conviction on Incyte’s pipeline strategy and continued focus on differentiated opportunities, the analyst tells investors.