Incyte Corporation (NASDAQ:INCY) is one of the top most undervalued biotech stocks to buy now. Wells Fargo upgraded Incyte Corporation (NASDAQ:INCY) to Overweight from Equal Weight on August 6, raising the price target to $89 from $67.
A small team of scientists in a lab, discovering new therapies to treat oncogenic drivers.
The firm told investors in a research note that it believes Incyte Corporation’s Phase 1 update for myelofibrosis in Q4 would be positive.
It expects the potential for research and development “rationalization” along with future business development to provide upside for the stock.
The firm also believes Incyte Corporation can address its Jakafi loss of exclusivity.
Incyte Corporation is a biopharmaceutical company that discovers, develops, and commercializes proprietary therapeutics, focusing on oncology, hematology, inflammation, and autoimmunity therapeutic areas.
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This article is originally published at Insider Monkey.
