Incyte downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Jay Olson downgraded Incyte (INCY) to Perform from Outperform with a price target of $82, up from $81. The firm cites the high expectations for Opzelura, povorcitinib, mCALR, CDK2i, and new management for the downgrade. Incyte’s share rally “has run its course” and the stock has reached a fair valuation, the analyst tells investors in a research note.