Incyte price target raised to $97 from $89 at Wells Fargo

Wells Fargo analyst Derek Archila raised the firm’s price target on Incyte (INCY) to $97 from $89 and keeps an Overweight rating on the shares. The firm thought base business performance was good, but more importantly, management’s commentary on ‘989’s update at ASH seemed bullish to Wells. The firm is surprised by the selloff, and would be a buyer ahead of ‘989’s November 3 abstract and full presentation at ASH.