HC Wainwright Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price objective raised by equities research analysts at HC Wainwright from $135.00 to $140.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price target points to a potential upside of 35.07% from the stock’s current price.

INCY has been the subject of several other research reports. Wall Street Zen downgraded Incyte from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 14th. Stifel Nicolaus set a $123.00 price objective on Incyte in a research report on Tuesday. Jefferies Financial Group downgraded Incyte from a “buy” rating to a “hold” rating and lowered their price objective for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Citigroup reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, June 2nd. Finally, Barclays reiterated an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Eight research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Incyte currently has an average rating of “Hold” and a consensus price target of $105.10.

Incyte Price Performance

INCY traded up $3.01 during midday trading on Tuesday, hitting $103.65. The stock had a trading volume of 746,225 shares, compared to its average volume of 1,698,169. The company has a market cap of $20.71 billion, a P/E ratio of 14.61, a price-to-earnings-growth ratio of 0.99 and a beta of 0.79. The business has a fifty day moving average of $96.66 and a 200 day moving average of $99.03. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. Incyte has a 1 year low of $66.74 and a 1 year high of $112.29.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the company posted $1.16 earnings per share. The business’s revenue was up 20.9% on a year-over-year basis. As a group, equities analysts forecast that Incyte will post 6.65 earnings per share for the current fiscal year.

Insider Activity at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares in the company, valued at $25,349,778. This represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in shares of Incyte by 11.3% during the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock valued at $491,500,000 after acquiring an additional 506,842 shares in the last quarter. LSV Asset Management raised its holdings in shares of Incyte by 3.2% during the third quarter. LSV Asset Management now owns 3,986,097 shares of the biopharmaceutical company’s stock valued at $338,061,000 after acquiring an additional 124,266 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Incyte by 13.2% during the fourth quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after acquiring an additional 405,611 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Incyte by 13.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock worth $263,246,000 after purchasing an additional 373,298 shares during the period. Finally, Morgan Stanley grew its stake in Incyte by 0.9% in the fourth quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock worth $263,106,000 after purchasing an additional 23,087 shares during the period. Institutional investors own 96.97% of the company’s stock.

Incyte News Summary

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Incyte announced a definitive agreement to acquire Vega Therapeutics, a Star Therapeutics subsidiary, in a deal worth up to $2 billion. The move expands Incyte’s hematology pipeline into bleeding disorders and is seen as a potentially meaningful growth driver ahead of future patent pressure on Jakafi. Article Title
• Positive Sentiment: H.C. Wainwright reiterated a Buy rating and raised its price target to $140 from $135, citing expected synergies from the Vega acquisition and reinforcing a constructive view on the stock. Article Title
• Neutral Sentiment: Incyte also presented at the Goldman Sachs 47th Annual Global Healthcare Conference, which may have helped keep investor attention on the company’s long-term pipeline and business strategy. Article Title

Incyte Company Profile

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.