UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Incyte Corporation

In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Incyte Corporation

, and raised its price target from $31.00 to $37.00. Jefferies noted, “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).” Incyte Corporation closed on Tuesday at $17.71.