Incyte (NASDAQ:INCY) Upgraded at StockNews.com

Incyte (NASDAQ:INCY) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Thursday.

A number of other brokerages have also weighed in on INCY. Morgan Stanley lifted their target price on Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a report on Tuesday, November 19th. Wells Fargo & Company boosted their price target on shares of Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Finally, Oppenheimer increased their price objective on shares of Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $77.16.

Incyte Trading Down 1.1 %

NASDAQ INCY opened at $74.59 on Thursday. The stock has a market cap of $14.37 billion, a PE ratio of 532.82, a PEG ratio of 8.70 and a beta of 0.71. Incyte has a 12 month low of $50.35 and a 12 month high of $83.95. The company’s 50-day moving average price is $70.76 and its 200-day moving average price is $65.11. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business’s revenue was up 23.8% compared to the same quarter last year. During the same period last year, the business posted $0.91 earnings per share. Equities research analysts forecast that Incyte will post 0.4 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the sale, the executive vice president now owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. The trade was a 5.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Thomas Tray sold 572 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The trade was a 2.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,702 shares of company stock worth $856,166. 17.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently modified their holdings of the company. Tri Ri Asset Management Corp purchased a new position in shares of Incyte during the third quarter worth $3,292,000. Toronto Dominion Bank grew its position in Incyte by 16.9% during the 3rd quarter. Toronto Dominion Bank now owns 54,084 shares of the biopharmaceutical company’s stock worth $3,575,000 after purchasing an additional 7,812 shares during the period. Coldstream Capital Management Inc. purchased a new position in shares of Incyte during the 3rd quarter valued at about $302,000. Barclays PLC raised its stake in shares of Incyte by 8.1% during the 3rd quarter. Barclays PLC now owns 1,031,932 shares of the biopharmaceutical company’s stock valued at $68,208,000 after buying an additional 77,542 shares during the last quarter. Finally, Groupama Asset Managment lifted its holdings in shares of Incyte by 11.4% in the 3rd quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 6,105 shares during the period. Institutional investors and hedge funds 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.