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

Incyte Corporation (NASDAQ:INCY)’s share price hit a new 52-week high during 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 traded. The stock had previously closed at $93.48.

A number of other brokerages also recently commented on INCY. Royal Bank Of Canada boosted their price objective on Incyte from $81.00 to $84.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Oppenheimer cut Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 8th. Citigroup boosted their target price on Incyte from $88.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, July 30th. Bank of America boosted their target price on Incyte from $90.00 to $104.00 and gave the stock a “buy” rating in a research note on Thursday, September 4th. Finally, JPMorgan Chase & Co. boosted their target price on Incyte from $73.00 to $89.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. One 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 issued a Sell rating to the company’s stock. According to MarketBeat, Incyte has a consensus rating of “Hold” and a consensus price target of $92.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of INCY. Amalgamated Bank grew its holdings in Incyte by 1.9% during the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company’s stock worth $1,910,000 after acquiring an additional 591 shares during the period. Principal Financial Group Inc. grew 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 worth $12,954,000 after acquiring an additional 1,419 shares during the period. IFM Investors Pty Ltd grew its holdings in Incyte by 15.4% during the first quarter. IFM Investors Pty Ltd now owns 36,744 shares of the biopharmaceutical company’s stock worth $2,429,000 after acquiring an additional 4,907 shares during the period. Bank of New York Mellon Corp grew its holdings in Incyte by 8.5% during the first quarter. Bank of New York Mellon Corp now owns 1,223,136 shares of the biopharmaceutical company’s stock worth $74,061,000 after acquiring an additional 95,621 shares during the period. Finally, Blackhawk Capital Partners LLC. grew its holdings in Incyte by 4.4% in the first quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company’s stock valued at $250,000 after purchasing an additional 175 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Price Performance

The company has a quick ratio of 2.78, a current ratio of 3.20 and a debt-to-equity ratio of 0.01. The company has a market cap of $18.15 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 0.70 and a beta of 0.73. The company has a fifty day simple moving average of $86.30 and a two-hundred day simple moving average of $74.97.

About Incyte

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.