Incyte price target raised to $93 from $79 at Truist

Truist raised the firm’s price target on Incyte (INCY) to $93 from $79 and keeps a Hold rating on the shares. The recent Incyte performance was driven primarily by execution of base business, management change, and broader sentiment, the analyst tells investors in a research note. The firm adds however that in the context of the looming Jakafi patent cliff, the recent pipeline progress in solid tumors/ET and favorable launches Niktimvo/Opzelura are “necessary but not sufficient” to fully de-risk and bridge the cliff.