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

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

Several other equities research analysts have also issued reports on INCY. Zacks Research upgraded shares of Incyte from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Truist Financial reiterated a “hold” rating and issued a $93.00 target price (up from $79.00) on shares of Incyte in a research note on Wednesday, October 29th. BMO Capital Markets reiterated an “underperform” rating and issued a $60.00 target price (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Barclays raised their target price on shares of Incyte from $90.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Wall Street Zen upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average target price of $92.00.

Incyte Stock Up 1.0%

Shares of INCY stock opened at $93.48 on Monday. The company has a current ratio of 3.20, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. Incyte has a 1 year low of $53.56 and a 1 year high of $95.10. The firm’s fifty day moving average price is $86.30 and its two-hundred day moving average price is $74.97. The firm has a market capitalization of $18.25 billion, a P/E ratio of 15.66, a PEG ratio of 0.70 and a beta of 0.73.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Incyte by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company’s stock valued at $1,371,220,000 after purchasing an additional 137,570 shares during the period. AQR Capital Management LLC boosted its holdings in Incyte by 21.8% in the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock valued at $558,519,000 after purchasing an additional 1,465,286 shares during the period. Geode Capital Management LLC boosted its holdings in Incyte by 3.3% in the 2nd quarter. Geode Capital Management LLC now owns 4,347,731 shares of the biopharmaceutical company’s stock valued at $294,899,000 after purchasing an additional 139,740 shares during the period. LSV Asset Management boosted its holdings in Incyte by 6.2% in the 2nd quarter. LSV Asset Management now owns 3,861,831 shares of the biopharmaceutical company’s stock valued at $262,991,000 after purchasing an additional 223,857 shares during the period. Finally, Invesco Ltd. boosted its holdings in Incyte by 7.3% in the 2nd quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company’s stock valued at $231,609,000 after purchasing an additional 232,268 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.