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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.
The firm told investors in a research note that it believes Incyte Corporation’s (NASDAQ:INCY) 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 (NASDAQ:INCY) can address its Jakafi loss of exclusivity.
Incyte Corporation (NASDAQ:INCY) is a biopharmaceutical company that discovers, develops, and commercializes proprietary therapeutics, focusing on oncology, hematology, inflammation, and autoimmunity therapeutic areas.
While we acknowledge the potential of INCY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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