Incyte (NASDAQ:INCY) Research Coverage Started at Wolfe Research

Research analysts at Wolfe Research started coverage on shares of Incyte (NASDAQ:INCY) in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $84.00 price target on the biopharmaceutical company’s stock. Wolfe Research’s target price suggests a potential upside of 27.08% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Oppenheimer lowered their price target on Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research report on Monday, September 16th. Guggenheim boosted their price objective on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, September 16th. JMP Securities restated a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. Finally, Citigroup upped their price target on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $73.83.

Incyte Price Performance

Incyte stock opened at $66.10 on Tuesday. The business has a 50-day simple moving average of $64.33 and a 200 day simple moving average of $60.02. Incyte has a 52 week low of $50.27 and a 52 week high of $70.36. The stock has a market cap of $14.84 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 5.17 and a beta of 0.73. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the company posted $0.77 earnings per share. The firm’s revenue for the quarter was up 9.3% on a year-over-year basis. On average, research analysts forecast that Incyte will post 0.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares in the company, valued at approximately $2,269,280.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the sale, the executive vice president now owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares in the company, valued at approximately $2,269,280.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,047 shares of company stock valued at $2,225,626. 17.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LLC raised its stake in Incyte by 55.9% during the 4th quarter. Corient Private Wealth LLC now owns 8,546 shares of the biopharmaceutical company’s stock worth $537,000 after acquiring an additional 3,065 shares during the period. Bank of Nova Scotia increased its stake in Incyte by 172.8% in the 4th quarter. Bank of Nova Scotia now owns 66,956 shares of the biopharmaceutical company’s stock worth $4,204,000 after buying an additional 42,415 shares in the last quarter. California State Teachers Retirement System raised its holdings in Incyte by 5.3% during the fourth quarter. California State Teachers Retirement System now owns 302,912 shares of the biopharmaceutical company’s stock valued at $19,020,000 after acquiring an additional 15,297 shares during the period. NEOS Investment Management LLC lifted its position in shares of Incyte by 147.4% in the fourth quarter. NEOS Investment Management LLC now owns 9,662 shares of the biopharmaceutical company’s stock valued at $607,000 after acquiring an additional 5,757 shares in the last quarter. Finally, Rafferty Asset Management LLC boosted its stake in shares of Incyte by 15.5% in the fourth quarter. Rafferty Asset Management LLC now owns 183,064 shares of the biopharmaceutical company’s stock worth $11,495,000 after acquiring an additional 24,525 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.