Jefferies Reiterates Buy Rating, $36 PT on Incyte Corporation Despite PML Case

In a report published Monday, Jefferies analyst Thomas Wei reiterated a Buy rating and $36.00 price target on Incyte Corporation

. In the report, Wei noted, “INCY today disclosed a 75-year old male patient developed PML, a rare brain infection, while taking Jakafi. We still believe that the overall risk-benefit profile of Jakafi is favorable and note that the causal relationship between Jakafi and the PML case is unclear with spontaneous reports of PML in the myelofibrosis literature, and there has been a favorable trend on overall survival seen in the Phase 3 trials.” Incyte Corporation closed on Friday at $24.84.