Wells Fargo upgraded Incyte (INCY) to Overweight from Equal Weight with a price target of $89, up from $67. The firm believes the company’s Phase 1 update for myelofibrosis in Q4 will be positive. In addition, the potential for research and development “rationalization” along with future business development provides upside for the stock, the analyst tells investors in a research note. Wells believes Incyte can address its Jakafi loss of exclusivity.
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