Incyte (NASDAQ:INCY) Upgraded by TD Cowen to “Strong-Buy” Rating

Incyte (NASDAQ:INCY) was upgraded by equities researchers at TD Cowen to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other brokerages have also recently issued reports on INCY. Wall Street Zen cut shares of Incyte from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Benchmark reaffirmed a “buy” rating on shares of Incyte in a report on Thursday. Sanford C. Bernstein reiterated a “market perform” rating and issued a $104.00 price target on shares of Incyte in a research report on Thursday, August 13th. Morgan Stanley set a $119.00 price objective on Incyte in a research note on Wednesday, July 29th. Finally, Barclays increased their price objective on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Incyte has an average rating of “Moderate Buy” and a consensus price target of $123.10.

Incyte Stock Up 0.1%

NASDAQ INCY opened at $127.98 on Monday. The company’s 50 day moving average is $116.69 and its 200-day moving average is $104.37. Incyte has a 12-month low of $81.09 and a 12-month high of $132.60. The firm has a market cap of $25.94 billion, a P/E ratio of 16.30, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte’s revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.57 EPS. Equities analysts expect that Incyte will post 2.61 EPS for the current year.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. The trade was a 5.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Institutional Trading of Incyte

Hedge funds have recently made changes to their positions in the stock. Fiduciary Financial Advisors purchased a new position in Incyte in the second quarter worth $26,000. Elyxium Wealth LLC bought a new position in Incyte in the fourth quarter valued at $28,000. Smithfield Trust Co raised its position in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. Continuum Advisory LLC purchased a new stake in Incyte during the second quarter valued at about $36,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Incyte during the fourth quarter worth about $35,000. 96.97% of the stock is owned by institutional investors.

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.