- 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 ).
For further details see:
Incyte initiated at overweight at Piper Sandler on foray into dermatology