Incyte price target lowered to $72 from $74 at Truist

Truist lowered the firm’s price target on Incyte (INCY) to $72 from $74 and keeps a Hold rating on the shares. Following the povorcitinib/povo Phase3 results in moderate to severe hidradenitis suppurativa, HS, the firm believes that the data were statistically significant but missed expectations on magnitude of benefit, adding that it sees povo as “modestly competitive”, the analyst tells investors in a research note. The firm adds that its updated model reflects povo as a second-line opportunity in HS with peak sales of $550M vs. $900M consensus.