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Incyte (INCY) Stock Rises on Takeover Speculation After $14 Billion Pfizer, Medivation Deal

NEW YORK (TheStreet) -- Shares of Incyte (INCY) were rising 6.49% to $81.05 on heavy trading volume after competitor Medivation (MDVN) agreed to be acquired by Pfizer (PFE) for $14 billion.

Over 1.68 million shares of Incyte have traded so far today, higher than the 30-day daily average of 997,000 shares.

Analysts at Goldman Sachs said in a note earlier today that Incyte could attract takeover interest after the Medivation deal, according to the Fly.

The deal also signals that cancer biotechs like Wilmington, DE-based Incyte will continue to boast major profits from extremely...