Incyte price target raised to $116 from $97 at Wells Fargo

Wells Fargo analyst Derek Archila raised the firm’s price target on Incyte (INCY) to $116 from $97 and keeps an Overweight rating on the shares. The firm believes shares should trade up on ‘989’s Phase 1 results in myelofibrosis that provided more evidence of its safety/efficacy, though recognized shares have priced in some of the move.