UPDATE: Oppenheimer Raises PT on Incyte to $25 (INCY)

Oppenheimer is out with its report today on Incyte INCY, raising its PT from $25 to $23. In a note to clients, Oppenheimer writes, "We conducted a survey of 25 practicing oncologists regarding INCB18424's potential in myelofibrosis and polycythemia vera. The survey results support our view that '424 will become a dominant MF/PV therapy, based on the drug's favorable clinical profile and the significant unmet need in these indications. Importantly, our survey suggests '424's adoption in MF and, notably, off-label use in PV, will likely be meaningfully higher than we had previously anticipated. As a result, we have increased our '424 sales estimates. We believe INCY's current valuation does not fully reflect '424's potential in MF/PV and believe full ph.III MF results at ASCO should be an important near-term catalyst for the stock. Raising PT to $25, from $23, on revised estimates." Shares of INCY closed Wednesday at $19.31, down 0.05% from Tuesday's close.