Piper Jaffray adds Incyte Corp. to its Alpha List, citing a positive data release on Incyte's lead JAK2 inhibitor at the European League Against Rheumatism annual meeting in June. The firm has a Buy rating and $19 price target on shares of Incyte.The firm said it likes Incyte's entire pipeline of drugs, but believes that the JAK2 inhibitor could be a major catalyst "given the size of the market opportunity and the safety and efficacy data available to date."Incyte Corporation is a drug discovery and development company, which focuses on developing proprietary small molecule drugs to treat human immunodeficiency virus (HIV), diabetes, oncology, and inflammation diseases.
Today closed at 10.95 down 2 cents on 431K volume.