Incyte (NASDAQ:INCY) Given New $128.00 Price Target at TD Cowen

Incyte (NASDAQ:INCY) had its price target upped by equities research analysts at TD Cowen from $101.00 to $128.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. TD Cowen’s price target would indicate a potential upside of 22.07% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Incyte in a research note on Wednesday, October 8th. Cowen reissued a “buy” rating on shares of Incyte in a research note on Tuesday. Morgan Stanley boosted their target price on shares of Incyte from $92.00 to $94.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. Piper Sandler upped their price target on shares of Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Finally, Mizuho set a $121.00 price target on Incyte and gave the company an “outperform” rating in a research note on Monday, December 8th. Ten research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $101.31.

Incyte Price Performance

INCY traded down $1.47 on Tuesday, hitting $104.86. 723,735 shares of the stock were exchanged, compared to its average volume of 2,365,656. The firm has a market capitalization of $20.59 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 0.65 and a beta of 0.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13. Incyte has a 12 month low of $53.56 and a 12 month high of $112.29. The business has a 50-day moving average of $102.20 and a two-hundred day moving average of $88.63.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.61. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the business posted $1.07 EPS. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. Sell-side analysts forecast that Incyte will post 4.86 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Steven H. Stein sold 20,105 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $102.51, for a total transaction of $2,060,963.55. Following the completion of the sale, the executive vice president owned 63,129 shares of the company’s stock, valued at $6,471,353.79. This trade represents a 24.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas Tray sold 2,774 shares of Incyte stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $100.00, for a total value of $277,400.00. Following the completion of the sale, the insider owned 22,973 shares of the company’s stock, valued at approximately $2,297,300. The trade was a 10.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 99,174 shares of company stock valued at $9,892,957 over the last quarter. Company insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several large investors have recently modified their holdings of INCY. Arrowstreet Capital Limited Partnership lifted its position in shares of Incyte by 701.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,730,648 shares of the biopharmaceutical company’s stock worth $185,957,000 after acquiring an additional 2,390,084 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Incyte by 21.8% during the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock valued at $558,519,000 after purchasing an additional 1,465,286 shares during the period. Norges Bank purchased a new stake in Incyte during the 2nd quarter worth about $96,776,000. Pacer Advisors Inc. boosted its stake in Incyte by 8,091.6% in the 3rd quarter. Pacer Advisors Inc. now owns 1,248,642 shares of the biopharmaceutical company’s stock worth $105,897,000 after purchasing an additional 1,233,399 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of Incyte during the second quarter valued at about $82,485,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.