New Indication Approval For Incyte "To Usher New Growth Avenue" - Incyte (NASDAQ:INCY)

JMP Securities reiterated its Market Outperform rating and increased the price target to $113 from $108 for Incyte Corporation INCY based on multiple discounted earnings per share and revenue analyses.
Recently, Incyte's Opzelura (ruxolitinib cream) in vitiligo received FDA approval.
JMP says, "despite the generic boxed warning of oral JAK inhibitors, we expect the vitiligo approval to usher in a new avenue of growth given the large unmet need and lack of competition."
With two recent positive CHMP opinions (Jakavi in GVHD and Tabrecta in NSCLC), ruxolitinib is on track to generate sales of approximately ~$2.33 billion - $2.4 billion in 2022.
With a rapidly growing commercial footprint with partners Novartis AG NVS and Eli Lilly And Co LLY and a cash position of $2.7 billion, the analysts view the sell-off as an opportunity to buy Incyte, with 35% potential downside (bear case is $50) and 62% potential upside (bull case is $125).
Price Action: INCY shares are up 0.57% at $82.96 during the market session on the last check Thursday.