Incyte (NASDAQ:INCY) Hits New 52-Week High After Analyst Upgrade

Incyte Corporation (NASDAQ:INCY) shares hit a new 52-week high during mid-day trading on Monday after Guggenheim upgraded the stock from a neutral rating to a buy rating. Guggenheim now has a $125.00 price target on the stock. Incyte traded as high as $95.19 and last traded at $93.8050, with a volume of 155858 shares trading hands. The stock had previously closed at $93.48.

A number of other analysts have also weighed in on INCY. Oppenheimer lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 8th. Barclays increased their price target on shares of Incyte from $90.00 to $101.00 and gave the company an “overweight” rating in a research report on Wednesday. Bank of America increased their price target on shares of Incyte from $90.00 to $104.00 and gave the company a “buy” rating in a research report on Thursday, September 4th. Zacks Research raised shares of Incyte from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $93.00 price objective (up from $79.00) on shares of Incyte in a research report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $92.00.

Institutional Investors Weigh In On Incyte

A number of hedge funds and other institutional investors have recently made changes to their positions in INCY. Czech National Bank raised its holdings in Incyte by 6.4% in the 2nd quarter. Czech National Bank now owns 39,271 shares of the biopharmaceutical company’s stock valued at $2,674,000 after buying an additional 2,378 shares during the period. Principal Financial Group Inc. grew its position in Incyte by 0.7% in the 1st quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company’s stock valued at $12,954,000 after acquiring an additional 1,419 shares in the last quarter. Amalgamated Bank grew its position in Incyte by 1.9% in the 1st quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company’s stock valued at $1,910,000 after acquiring an additional 591 shares in the last quarter. Poinciana Advisors Group LLC acquired a new position in Incyte in the 2nd quarter valued at about $229,000. Finally, OMNI 360 Wealth Inc. acquired a new position in Incyte in the 2nd quarter valued at about $310,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Performance

The company has a market capitalization of $18.15 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 0.70 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 3.20. The firm has a 50-day simple moving average of $86.30 and a two-hundred day simple moving average of $74.97.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.