Incyte downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Salveen Richter downgraded Incyte to Neutral from Buy with a price target of $65, down from $98. The analyst sees continued uncertainty around Jakafi lifecycle management ahead of the losses of exclusivity in mid-2027 and late-2028. The firm is looking for clarity on the once-daily Jakafi program, where FDA discussions are ongoing following the complete reposes letter, as well as the Jakafi combination studies. Goldman also sees limited takeover optionality for Incyte, saying potential buyers are looking to manage the second half of the decade losses of exclusivities and Medicare drug pricing dynamics. Overall, the firm expects the shares to remain range-bound until further progress is achieved on Jakafi’s outlook.