INCY - Incyte initiated at overweight at Piper Sandler on foray into dermatology

• Piper Sandler has initiated Incyte ( NASDAQ: INCY ) with an overweight rating saying the biopharma's diverification into dermatology provides a new avenue for growth.
• The firm has a $100 price target (~20% upside based on Monday's close).
• Analyst Allison Bratzel says that revenue estimates for Opzelura (ruxolitinib) for eczema (atopic dermatitis) are too low. Piper's revenue estimate is $110M above consensus for this fiscal year, and  more than $500M by FY 2027.
• She noted that her bullishness on Opzelura is based on survey results of dermatologists.
• Bratzel added that the current stock price isn't reflecting the potential of its pipeline assets.
• Read why Seeking Alpha contributor Robert Honeywill is bullish on Incyte ( INCY ).

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