Piper Jaffray Maintains Overweight, $23 Target on Incyte

Piper Jaffray reiterates its Overweight rating and $23 target price on Incyte Corporation (NASDAQ: INCY) as OS benefit could expand Jakafi's market size and drive adoption. Piper Jaffray says, “We expect combination of an overall survival benefit, symptomatic relief and/or spleen size reduction in a vast majority of patients treated with Jakafi to increase its rate of diagnosis and expand the myelofibrosis market opportunity. … We expect Jakafi to be used in intermediate risk patients who have an enlarged spleen and poor quality of life or 80% of addressable market — supporting upside to 2012 estimates.”INCY closed at $14.30 per share on Monday.