UPDATE: Goldman Sachs Upgrades Incyte; Raises PT

According to a research report published this morning, Goldman Sachs has upgraded Incyte INCY from Neutral to Buy, and increased PT from $21 to $29. In the report, Goldman Sachs said, "We are more bullish given the strong Jakafi launch (approved for niche blood cancer, myelofibrosis (MF), partnered with NVS) and significant derisking of key pipeline asset LY3009104 (‘104, partnered with LLY, an oral Phase II drug for rheumatoid arthritis (RA)). ‘104's potential was validated with the positive FDA panel vote on May 9 on Pfizer's tofacitinib (tofa, in the same drug class (JAK inhibitor)). In addition, we now see INCY as a more attractive M&A candidate with a marketed drug and a potential blockbuster pipeline asset." Incyte closed yesterday at $23.02.