Incyte downgraded to Hold from Buy at Jefferies

Jefferies analyst Faisal Khurshid downgraded Incyte (INCY) to Hold from Buy with a price target of $94, down from $120, after assuming coverage of the name. The firm cites patent cliff concerns for the downgrade. The Jakafi loss of exclusivity in 2028 is an “existential event” for Incyte, and Jefferies does not see a growth outlook that justifies upside from current share levels, the analyst tells investors in a research note. The firm says the company’s biggest value drivers are “years away and/or hard to underwrite.”