Piper Jaffray Initiates an Overweight Rating and $23 PT on Incyte

According to a recent report, Piper Jaffray has initiated an Overweight rating and $23.00 price target on Incyte (NASDAQ: INCY). The company also expects ruxolitinib to grow beyond CYT387 launch; however, the current price target assumes no growth after the 2015-16 launch.

In the report, Piper Jaffray said, "Despite ruxolitinib's blockbuster potential, INCY shares have sold off recently as Phase I/II data for YM Biosciences' CYT387 confirmed a modest anemia benefit (vs. transient anemia with ruxolitinib), which some expect to offset ruxolinib's 3-4 year lead time."

INCY closed yesterday at $18.16.