Is IMTX or INCY more undervalued in 2026?

CirclFi compares Immatics N.V. (IMTX) and Incyte Corporation (INCY) using 13 institutional-grade valuation models. IMTX has a Quality of Company score of 4.3/10 while INCY scores 6.4/10.

Which is a better buy — IMTX or INCY?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do IMTX and INCY valuations compare?

IMTX at $11.45 and INCY at $97.50 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

IMTX vs INCY Valuation Comparison 2026 — Intrinsic Value Analysis

IMTX

Biotechnology

Immatics N.V.

Quality

4.3

out of 10

Value Trap

SAFE

Price

$11.45

Last close

Models

8/13

Active

INCY

Biotechnology

Incyte Corporation

Quality

6.4

out of 10

Value Trap

SAFE

Price

$97.50

Last close

Models

13/13

Active

Model-by-Model Comparison

Model	Type	IMTX Fair Value	IMTX Upside	INCY Fair Value	INCY Upside
Bayesian DCF	Intrinsic	$3.41	-70.3%	$48.88	-49.9%
Earnings Power Value	Intrinsic	—	—	$86.80	-11.0%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$0.84	-92.2%	$129.03	+32.3%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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IMTX vs INCY — Which Stock Is More Undervalued?

INCY scores higher with a 6.4/10 quality rating vs IMTX's 4.3/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Immatics N.V. (IMTX) and Incyte Corporation (INCY) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

IMTX currently trades at $11.45 with a QOC of 4.3/10, while INCY trades at $97.50 with a QOC of 6.4/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).