Incyte (NASDAQ:INCY) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of Incyte (NASDAQ:INCY) from a neutral rating to a buy rating in a research note published on Tuesday, Marketbeat reports. Bank of America currently has $90.00 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $68.00.

INCY has been the subject of several other reports. Guggenheim lifted their target price on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $67.00 target price on shares of Incyte in a report on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their target price on shares of Incyte from $61.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. JMP Securities reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. Finally, Oppenheimer lowered their target price on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Incyte has an average rating of “Hold” and a consensus price target of $74.58.

Incyte Stock Performance

Shares of INCY opened at $73.60 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. Incyte has a one year low of $50.27 and a one year high of $74.07. The company has a 50-day simple moving average of $65.39 and a two-hundred day simple moving average of $61.51. The firm has a market capitalization of $14.18 billion, a PE ratio of 22.30, a price-to-earnings-growth ratio of 5.31 and a beta of 0.73.

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

Insiders Place Their Bets

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the sale, the executive vice president now owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the sale, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Forum Financial Management LP bought a new position in Incyte in the 3rd quarter worth $232,000. Robeco Institutional Asset Management B.V. boosted its holdings in Incyte by 5.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock worth $83,680,000 after buying an additional 70,596 shares during the period. Integrated Advisors Network LLC bought a new position in Incyte in the 3rd quarter worth $967,000. China Universal Asset Management Co. Ltd. boosted its holdings in Incyte by 40.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 37,043 shares of the biopharmaceutical company’s stock worth $2,449,000 after buying an additional 10,627 shares during the period. Finally, abrdn plc boosted its holdings in Incyte by 3.7% in the 3rd quarter. abrdn plc now owns 66,238 shares of the biopharmaceutical company’s stock worth $4,416,000 after buying an additional 2,335 shares during the period. Institutional investors own 96.97% of the company’s stock.

About Incyte

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.