UPDATE: Jefferies Raises PT on Incyte Following Favorable Phase 2 RECAP Data

In a report published Thursday, Jefferies analyst Thomas Wei reiterated a Buy rating on

, and raised the price target from $36.00 to $44.00. In the report, Jefferies noted, “Positive overall survival data from RECAP in pancreatic cancer were unexpected and validate the use of Jakafi in solid tumors where Jak2 and/or cachexia may play a role in survival. We are impressed with the OS benefit magnitude in an undisclosed, prespecified subgroup representing 50% of patients. We see the U.S. sales opportunity for pancreatic cancer as $700+m and are increasing our price target by $8 to $44.” Incyte Corporation closed on Wednesday at $36.04.