HC Wainwright Forecasts Strong Price Appreciation for Incyte (NASDAQ:INCY) Stock

Incyte (NASDAQ:INCY) had its price target increased by equities research analysts at HC Wainwright from $150.00 to $152.00 in a research note issued to investors on Monday, Marketbeat reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price objective suggests a potential upside of 23.38% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research note on Friday, September 11th. Canaccord Genuity Group assumed coverage on shares of Incyte in a research note on Thursday, August 20th. They issued a “buy” rating and a $152.00 price target for the company. Mizuho raised their price objective on shares of Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Citigroup reaffirmed a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. Finally, Leerink Partners upped their target price on Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, Incyte has a consensus rating of “Moderate Buy” and an average target price of $124.80.

Incyte Stock Performance

INCY opened at $123.20 on Monday. Incyte has a 52-week low of $82.82 and a 52-week high of $132.60. The stock has a market capitalization of $24.97 billion, a PE ratio of 15.69, a price-to-earnings-growth ratio of 3.63 and a beta of 0.77. The stock’s 50 day moving average price is $123.73 and its 200-day moving average price is $108.91.

Incyte (NASDAQ:INCY) last announced 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 analyst estimates of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm’s revenue was up 37.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.57 earnings per share. Research analysts forecast that Incyte will post 2.64 EPS for the current fiscal year.

Insider Activity

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the company’s 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 sale, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. 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 firm’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 transaction, the insider directly owned 183,200 shares of the company’s stock, valued at $23,002,592. This represents a 5.57% 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. 16.20% of the stock is owned by company insiders.

Institutional Trading of Incyte

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Greenleaf Trust raised its holdings in Incyte by 2.8% in the 2nd quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company’s stock worth $381,000 after acquiring an additional 93 shares during the last quarter. 180 Wealth Advisors LLC boosted its stake in Incyte by 2.0% during the 1st quarter. 180 Wealth Advisors LLC now owns 6,877 shares of the biopharmaceutical company’s stock valued at $647,000 after purchasing an additional 132 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in Incyte by 0.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 36,343 shares of the biopharmaceutical company’s stock valued at $3,590,000 after purchasing an additional 134 shares during the last quarter. Tema ETFs LLC increased its holdings in shares of Incyte by 5.7% in the 2nd quarter. Tema ETFs LLC now owns 2,704 shares of the biopharmaceutical company’s stock worth $307,000 after purchasing an additional 145 shares in the last quarter. Finally, Fielder Capital Group LLC increased its holdings in shares of Incyte by 6.3% in the 4th quarter. Fielder Capital Group LLC now owns 2,649 shares of the biopharmaceutical company’s stock worth $262,000 after purchasing an additional 156 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte News Roundup

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: The U.S. FDA approved Atebrioz, developed by Mirum Pharmaceuticals and Incyte, for fibrodysplasia ossificans progressiva (FOP), an ultra-rare genetic disorder that causes abnormal bone formation. The approval was supported by PROGRESS trial data showing a reduction in new heterotopic-ossification lesion volume, creating a potential commercial and royalty opportunity for Incyte. FDA approval article
• Positive Sentiment: H.C. Wainwright reiterated a Buy rating and raised its price target to $152 from $150, implying roughly 23% upside from the referenced share price. Analyst Mitchell Kapoor cited Atebrioz’s approval and Incyte’s KRAS G12D pipeline, including its lead program, as catalysts for additional growth. H.C. Wainwright rating article
• Positive Sentiment: A separate report highlighted an increase in an Atebrioz-related target, reinforcing the view that the approval and Incyte’s broader pipeline could support the company’s valuation. Atebrioz target hike article
• Neutral Sentiment: JPMorgan raised its price target to $123 from $120 but maintained a Neutral rating, indicating limited near-term upside at the referenced trading level. JPMorgan price target report

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.