Additionally, there has been reports of GS upgrading INCY and labeling them as a potential takeover targets. End of the day it is still a few people's opinion, whether they work at GS or other equity research firms. That essentially boils down to "speculation" and usually it is sell side analysts that make public announcements like this.
Consequently, while we also feel that the odds are good that INCY might be taken over sometime over next year, we feel that it might be better to reduce capital outlay. Hence, we have sold out our INCY position yesterday (at 23.33). we might reenter shortly via long call options (strike undecided).