Incyte initiated at Stifel

Incyte initiated with a Hold at Stifel. Stifel analyst Stephen Willey started Incyte with a Hold rating and $82 price target.Target $82. The analyst says the $3.5B in Jakafi-related product revenue subject to expiring exclusivity beginning in late-fiscal 2027 or early 2028 “meaningfully” offsets his enthusiasm on Incyte’s expanding pipeline opportunities. As such, he prefers to wait for a better entry point into the name. Further, Willey believes a takeover of the company is unlikely at current valuation levels. Rather, he expects Incyte to be increasingly more acquisitive given the strength of its balance sheet.
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