Truist Securities raised its price target on Incyte Corporation from $103 to $105 while maintaining a Hold rating, citing a $246 million non-cash settlement from a dispute with the Centers for Medicare & Medicaid Services over Opzelura's Medicaid rebate classification. The settlement will be added to Opzelura's net sales in the second quarter of 2026. Truist also revised its model to reflect a roughly 5% improvement in Opzelura's gross-to-net ratio, meaning Incyte will retain more revenue after rebates and discounts. Additionally, the firm updated its outlook on VGA039, an experimental drug for von Willebrand disease, projecting it could reach approximately $1 billion in peak worldwide sales by 2036, with international markets contributing around 20% of that total.
Incyte CorporationTruist raised price target and highlighted $246M settlement improving Opzelura's gross-to-net ratio.
Truist Financial Corp