Goldman Sachs cuts Incyte to hold, cites Jakafi outlook uncertainty (INCY)

Goldman Sachs has downgraded Incyte (NASDAQ:INCY) to neutral, citing continued uncertainty around the lifecycle management of the company’s drug Jakafi ahead of its expected loss of market exclusivity in the EU in mid-2027 and the US in late 2028.

The investment bank also said it was seeking further clarity on Incyte’s once-daily Jakafi program, Jakafi combination studies, and the development of novel targets.

“Overall, we expect shares to remain range-bound,” said the bank, “until further progress is achieved on Jakafi’s outlook.”

Goldman’s price target for the stock is $65.