Incyte (NASDAQ:INCY) Rating Increased to Buy at Guggenheim

Guggenheim upgraded shares of Incyte (NASDAQ:INCY) from a neutral rating to a buy rating in a report issued on Monday, MarketBeat reports. They currently have $125.00 target price on the biopharmaceutical company’s stock.

Several other equities research analysts also recently commented on the company. Zacks Research raised Incyte from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. Oppenheimer downgraded Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 8th. Wells Fargo & Company raised their target price on shares of Incyte from $89.00 to $97.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. UBS Group restated a “neutral” rating and set a $68.00 price target (up previously from $62.00) on shares of Incyte in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of Incyte from $73.00 to $89.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Incyte presently has an average rating of “Hold” and an average target price of $92.00.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $101.57 on Monday. Incyte has a one year low of $53.56 and a one year high of $101.79. The stock has a fifty day moving average of $86.64 and a 200-day moving average of $75.28. The company has a market capitalization of $19.94 billion, a PE ratio of 17.01, a price-to-earnings-growth 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.

Institutional Investors Weigh In On Incyte

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INCY. Arizona State Retirement System boosted its stake in shares of Incyte by 1.1% during the 3rd quarter. Arizona State Retirement System now owns 48,593 shares of the biopharmaceutical company’s stock valued at $4,121,000 after buying an additional 525 shares during the period. Impact Partnership Wealth LLC acquired a new position in shares of Incyte in the third quarter worth $743,000. Patton Albertson Miller Group LLC raised its holdings in shares of Incyte by 1.4% during the third quarter. Patton Albertson Miller Group LLC now owns 65,523 shares of the biopharmaceutical company’s stock worth $5,557,000 after acquiring an additional 916 shares in the last quarter. Great Lakes Advisors LLC boosted its position in Incyte by 13.2% during the third quarter. Great Lakes Advisors LLC now owns 3,490 shares of the biopharmaceutical company’s stock valued at $296,000 after purchasing an additional 408 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its position in Incyte by 19.4% during the third quarter. New York State Common Retirement Fund now owns 92,741 shares of the biopharmaceutical company’s stock valued at $7,865,000 after purchasing an additional 15,100 shares during the last quarter. Hedge funds and other institutional investors 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.