Goldman Sachs Upgrades Incyte (INCY) to Buy, Positive on Jakafi and Pipeline; Sees as Possible M&A Target

Goldman Sachs upgraded Incyte (NASDAQ: INCY) from Neutral to Buy with a price target of $29 (up from $21), suggesting 26%.

The firm is more bullish due to the strong Jakafi launch and significant derisking of key pipeline asset LY3009104. "104's potential was validated with the positive FDA panel vote on May 9 on Pfizer’s tofacitinib," the firm said.

Goldman also sees Incyte as a more attractive M&A target given it has a marketed drug and a potential blockbuster pipeline asset. Shares could be worth up to $37 in a takeover, they estimate.

For an analyst ratings summary and ratings history on Incyte click here. For more ratings news on Incyte click here.

Shares of Incyte closed at $23.02 yesterday.

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