Incyte (NASDAQ:INCY) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Incyte (NASDAQ:INCY) from a hold rating to a buy rating in a research report released on Saturday morning,Wall Street Zen reports.

Several other equities research analysts also recently issued reports on the company. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a report on Friday. Oppenheimer restated a “market perform” rating and set a $120.00 price objective on shares of Incyte in a research note on Tuesday, July 28th. Guggenheim lifted their price objective on shares of Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Citigroup reiterated a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $104.00 target price on shares of Incyte in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and thirteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Incyte currently has a consensus rating of “Moderate Buy” and an average target price of $124.05.

Incyte Stock Performance

Shares of INCY stock opened at $122.19 on Friday. The stock’s fifty day moving average price is $121.93 and its two-hundred day moving average price is $106.85. The company has a market cap of $24.77 billion, a PE ratio of 15.57, a P/E/G ratio of 3.53 and a beta of 0.77. Incyte has a fifty-two week low of $81.09 and a fifty-two week high of $132.60.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.Incyte’s revenue was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.57 EPS. On average, equities analysts predict that Incyte will post 2.64 EPS for the current fiscal year.

Insider Activity

In other news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Incyte

Institutional investors and hedge funds have recently modified their holdings of the company. Sequoia Financial Advisors LLC grew its stake in Incyte by 17.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 19,250 shares of the biopharmaceutical company’s stock worth $2,182,000 after buying an additional 2,873 shares in the last quarter. Tidal Investments LLC grew its position in Incyte by 33.4% in the second quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company’s stock worth $11,657,000 after acquiring an additional 25,768 shares in the last quarter. WINTON GROUP Ltd increased its stake in Incyte by 47.0% in the second quarter. WINTON GROUP Ltd now owns 254,408 shares of the biopharmaceutical company’s stock valued at $28,840,000 after acquiring an additional 81,376 shares during the last quarter. NewEdge Advisors LLC raised its position in Incyte by 69.5% during the second quarter. NewEdge Advisors LLC now owns 34,605 shares of the biopharmaceutical company’s stock valued at $3,923,000 after purchasing an additional 14,189 shares in the last quarter. Finally, IFP Advisors Inc lifted its stake in Incyte by 13.9% during the second quarter. IFP Advisors Inc now owns 6,073 shares of the biopharmaceutical company’s stock worth $688,000 after purchasing an additional 740 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.