UPDATE: UBS Investment Research Raises PT on Incyte Following 2Q13 Results

In a report published Friday, UBS Investment Research analyst Matthew Roden reiterated a Buy rating on Incyte INCY, and raised the price target from $27.00 to $28.00.

In the report, UBS Investment Research noted, “We've felt all year that Incyte has had the data it needs to improve Jakafi trends, and the 15% organic 2Q growth appears to support that view despite the market's prior lack of confidence in the ‘13-14 outlook. The inclusion of survival data in the label is also a hoped-for positive and should further drive demand in 2014. Overall, we think INCY is a stock to own for 2H13 on solid commercial trends, pipeline optionality, and a potential inflection in sales from PV, where expectations are mixed but where we see upside potential (see our July 21 note on PV prevalence).”

Incyte closed on Thursday at $25.83.