Incyte (NASDAQ:INCY) Upgraded by Guggenheim to Buy Rating

Incyte (NASDAQ:INCY) was upgraded by equities research analysts at Guggenheim from a “neutral” rating to a “buy” rating in a research note issued on Monday,Finviz reports. The firm presently has a $125.00 price target on the biopharmaceutical company’s stock. Guggenheim’s target price would indicate a potential upside of 33.72% from the stock’s current price.

INCY has been the subject of several other reports. Oppenheimer cut shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 8th. Stifel Nicolaus lifted their price objective on shares of Incyte from $110.00 to $115.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Citigroup lifted their price objective on shares of Incyte from $88.00 to $103.00 and gave the company a “buy” rating in a report on Wednesday, July 30th. Weiss Ratings restated a “hold (c+)” rating on shares of Incyte in a report on Wednesday, October 8th. Finally, BMO Capital Markets reaffirmed an “underperform” rating and issued a $60.00 price target (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Incyte has a consensus rating of “Hold” and an average target price of $92.00.

Incyte Stock Performance

Shares of Incyte stock opened at $93.48 on Monday. The company has a market cap of $18.25 billion, a PE ratio of 15.66, a price-to-earnings-growth ratio of 0.70 and a beta of 0.73. The company has a current ratio of 3.20, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average of $86.30 and a 200-day moving average of $74.97. Incyte has a 1-year low of $53.56 and a 1-year high of $95.10.

Institutional Investors Weigh In On Incyte

Several institutional investors and hedge funds have recently modified their holdings of the stock. Czech National Bank grew its position in Incyte by 6.4% during the second 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. lifted its holdings in Incyte by 0.7% during the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company’s stock valued at $12,954,000 after purchasing an additional 1,419 shares in the last quarter. Amalgamated Bank lifted its holdings in Incyte by 1.9% during the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company’s stock valued at $1,910,000 after purchasing an additional 591 shares in the last quarter. Poinciana Advisors Group LLC purchased a new position in Incyte during the second quarter valued at approximately $229,000. Finally, OMNI 360 Wealth Inc. purchased a new position in Incyte during the second quarter valued at approximately $310,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.