Incyte (NASDAQ:INCY) Coverage Initiated at Canaccord Genuity Group

Canaccord Genuity Group initiated coverage on shares of Incyte (NASDAQ:INCY) in a research note issued on Thursday. The firm set a “buy” rating and a $152.00 price target on the biopharmaceutical company’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 18.32% from the stock’s previous close.

A number of other research firms have also recently weighed in on INCY. Weiss Ratings upgraded Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Royal Bank Of Canada lifted their price objective on Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 29th. HC Wainwright reissued a “buy” rating and issued a $150.00 target price on shares of Incyte in a report on Thursday. JPMorgan Chase & Co. raised their price target on Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Finally, Piper Sandler upped their price objective on Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a research report on Monday. Eleven research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Incyte presently has a consensus rating of “Hold” and a consensus target price of $123.10.

Incyte Trading Up 4.0%

INCY stock opened at $128.47 on Thursday. The company’s 50-day moving average price is $115.40 and its 200 day moving average price is $103.81. Incyte has a 52 week low of $81.09 and a 52 week high of $132.60. The company has a market cap of $26.04 billion, a P/E ratio of 16.37, a P/E/G ratio of 3.91 and a beta of 0.76.

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

Insider Transactions at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the sale, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Incyte

Several hedge funds have recently made changes to their positions in INCY. Fiduciary Financial Advisors acquired a new position in Incyte in the second quarter valued at $26,000. Elyxium Wealth LLC purchased a new position in Incyte during the fourth quarter worth about $28,000. Smithfield Trust Co boosted its stake in Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 162 shares during the last quarter. MUFG Securities EMEA plc purchased a new stake in Incyte in the 2nd quarter valued at about $32,000. Finally, CYBER HORNET ETFs LLC purchased a new stake in Incyte in the 2nd quarter valued at about $33,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.