Closing Incyte (INCY) underperform
Incyte has hit a price level that I like a lot better for the current pipeline. Now I'm going to get aggressive, turn around and give it a thumbs up. There's definitely an ongoing potential for short term pain, but we're at a very early stage of the life cycle and at some point Incyte is going back into the teens. There's also a potential for a monster gap up a la Pharmasset or Rigel with impressive phase II data.