UPDATE: Jefferies Raises Target on Incyte to $31

Jefferies raises its price target on Buy-rated Incyte INCY to $31 from $27 as Jakafi launches to an encouraging start. Jefferies comments, "INCY reported 4Q11 earnings. Jakafi end-user sales were $2m, slightly above our above-consensus $1.8m estimate. Based on management commentary, we believe certain negative one-time factors in 4Q bode well for 1Q Jakafi demand. We believe the Street continues to underappreciate the launch of Jakafi in myelofibrosis and the rest of the pipeline, including INCB28050 in rheumatoid arthritis." INCY closed at $18.27 a share yesterday.