HC Wainwright Reaffirms “Buy” Rating for Incyte (NASDAQ:INCY)

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a report released on Tuesday, Benzinga reports. They presently have a $152.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price target would indicate a potential upside of 36.24% from the company’s current price.

INCY has been the subject of several other reports. Citigroup reissued a “buy” rating on shares of Incyte in a report on Monday, August 3rd. Morgan Stanley set a $119.00 target price on shares of Incyte in a report on Wednesday, July 29th. Royal Bank Of Canada lifted their target price on shares of Incyte from $109.00 to $114.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 8th. Leerink Partners lifted their target price on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Finally, Mizuho boosted their target price on shares of Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat, Incyte presently has a consensus rating of “Moderate Buy” and a consensus price target of $128.20.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $111.57 on Tuesday. Incyte has a fifty-two week low of $84.02 and a fifty-two week high of $132.60. The business has a 50-day simple moving average of $122.21 and a two-hundred day simple moving average of $110.59. The firm has a market cap of $22.62 billion, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 3.68 and a beta of 0.74.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the business earned $1.57 EPS. The business’s revenue for the quarter was up 37.7% compared to the same quarter last year. As a group, research analysts predict that Incyte will post 2.40 earnings per share for the current year.

Insider Activity

In related news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly 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 transaction was disclosed in a legal filing with the SEC, 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 stock in a transaction that occurred on Wednesday, August 19th. The stock was 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 of the company’s stock, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. 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.

Hedge Funds Weigh In On Incyte

Several large investors have recently added to or reduced their stakes in the company. Fiduciary Financial Advisors purchased a new position in Incyte in the second quarter worth about $26,000. Continuum Advisory LLC bought a new stake in Incyte during the second quarter worth approximately $36,000. University of Texas Texas AM Investment Management Co. bought a new stake in Incyte during the fourth quarter worth approximately $35,000. Quantbot Technologies LP purchased a new stake in Incyte during the second quarter valued at approximately $52,000. Finally, Contravisory Investment Management Inc. purchased a new stake in Incyte during the third quarter valued at approximately $82,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

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.