Incyte’s (INCY) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Incyte (NASDAQ:INCY) in a research report released on Thursday morning, Marketbeat reports. They currently have a $150.00 price objective on the biopharmaceutical company’s stock.

Several other research analysts have also commented on INCY. Barclays lifted their price target on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Mizuho increased their price objective on Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Citigroup restated a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. Wall Street Zen cut shares of Incyte from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Truist Financial lifted their target price on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to data from MarketBeat.com, Incyte has an average rating of “Hold” and a consensus price target of $123.10.

Incyte Stock Up 0.5%

Shares of NASDAQ:INCY opened at $127.81 on Thursday. The firm’s 50 day moving average price is $116.17 and its 200 day moving average price is $104.17. The stock has a market cap of $25.91 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. Incyte has a fifty-two week low of $81.09 and a fifty-two week high of $132.60.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (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 the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.Incyte’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.57 EPS. On average, equities analysts anticipate that Incyte will post 2.61 EPS for the current year.

Insiders Place Their Bets

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the sale, the insider owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Hedge Funds Weigh In On Incyte

Institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC boosted its stake in Incyte by 369.3% in the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after buying an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after acquiring an additional 648 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after acquiring an additional 48,751 shares during the last quarter. United Services Automobile Association purchased a new position in shares of Incyte during the 1st quarter worth about $219,000. Finally, Focus Partners Wealth lifted its holdings in shares of Incyte by 74.1% during the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after acquiring an additional 8,951 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

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.