Jefferies Sees a Double in Incyte (INCY) on Xeljanz Label and Pricing are

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Jefferies boosted its price target on Incyte (NASDAQ: INCY) from $31 to $37 after the FDA approved the Jak inhibitor Xeljanz (tofacitinib) as second-line therapy in moderate-severe rheumatoid arthritis patients.

"We believe this is a significant commercial positive for INCY’s Jak inhibitor baricitinib, as Xeljanz is only approved for the lower dose (5mg), there is no label for structural improvements, and the Xeljanz price was much higher than we expected ($25k)," the firm said.

For an analyst ratings summary and ratings history on Incyte click here. For more ratings news on Incyte click here.

Shares of Incyte closed at $17.71 yesterday, with a 52 week range of $11.76-$26.30.

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