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 note released on Saturday morning,Wall Street Zen reports.

Other analysts have also recently issued research reports about the company. Stifel Nicolaus set a $145.00 price target on Incyte in a research report on Tuesday, July 28th. Weiss Ratings raised Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. TD Cowen upgraded Incyte to a “strong-buy” rating in a research note on Monday, August 24th. HC Wainwright reiterated a “buy” rating and set a $150.00 price objective on shares of Incyte in a research note on Thursday, August 20th. Finally, Benchmark reissued a “buy” rating on shares of Incyte in a report on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, Incyte has a consensus rating of “Moderate Buy” and an average price target of $123.10.

Incyte Price Performance

Shares of INCY stock opened at $123.22 on Friday. Incyte has a 1 year low of $81.09 and a 1 year high of $132.60. The firm has a fifty day moving average price of $119.38 and a 200-day moving average price of $105.15. The company has a market cap of $24.98 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 3.91 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its 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 for 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 for the quarter was up 37.7% compared to the same quarter last year. During the same period last year, the firm earned $1.57 EPS. Equities research analysts expect that Incyte will post 2.64 EPS for the current year.

Insider Transactions at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of Incyte 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 sale, the executive vice president owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 stock was 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 directly owned 183,200 shares in the company, valued at approximately $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Incyte

A number of institutional investors have recently added to or reduced their stakes in the stock. Fiduciary Financial Advisors purchased a new position in shares of Incyte in the second quarter worth $26,000. Elyxium Wealth LLC purchased a new position in Incyte during the fourth quarter valued at $28,000. Smithfield Trust Co grew its stake 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 acquiring an additional 162 shares in the last quarter. MUFG Securities EMEA plc bought a new stake in Incyte in the 2nd quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in Incyte in the 2nd quarter valued at $33,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.