Incyte (INCY) Extends Climb, Hits New High on Bullish Coverage

We recently published Wall Street Can’t Keep up With These 10 Crushing Stocks; 6 at Fresh Record Highs. Incyte Corp. (NASDAQ:INCY) is one of the best-performing on Monday.

Incyte extended its winning streak to a third straight day to hit a new all-time high as investors took heart from an investment firm’s bullish coverage for its stock.

At intra-day trading, Incyte Corp. (NASDAQ:INCY) jumped to its highest price of $101.79 before trimming a few cents to end the day just up by 8.65 percent at $101.57 apiece.

This followed Guggenheim’s upgrade to a “buy” recommendation for its stock with a new price target of $125, or a 23 percent upside potential from its latest closing price.

The upgrade followed Incyte Corp.’s (NASDAQ:INCY) third quarter earnings results last week, where it quadrupled its net income to $424 million from $106 million in the same period last year. Revenues increased by 19 percent to $1.37 billion from $1.14 billion year-on-year.

For the full-year 2025 period, Incyte Corp. (NASDAQ:INCY) increased its revenue guidance to a range of $4.23 billion to $4.32 billion to account for higher demand for Jakafi and other hematology and oncology marketed products.

Jakafi, its oral prescription treatment for certain types of cancer, is expected to rake in revenues between $3.05 and $3.075 billion; while the hematology and oncology marketed products are expected to generate $550 to $575 million.

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Disclosure: None. This article is originally published at Insider Monkey.