Incyte (NASDAQ:INCY) Given New $70.00 Price Target at Wells Fargo & Company

Incyte (NASDAQ:INCY) had its price objective boosted by analysts at Wells Fargo & Company from $68.00 to $70.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 1.69% from the company’s current price.

Several other equities research analysts also recently commented on INCY. UBS Group initiated coverage on Incyte in a report on Tuesday. They set a “neutral” rating and a $77.00 target price for the company. Guggenheim upped their price objective on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. raised their target price on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a report on Tuesday, November 19th. Finally, Citigroup lifted their price objective on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $76.29.

Incyte Stock Performance

Shares of INCY opened at $68.84 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The firm’s 50 day moving average is $72.42 and its 200-day moving average is $66.56. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95. The stock has a market capitalization of $13.26 billion, a P/E ratio of 491.75, a P/E/G ratio of 8.36 and a beta of 0.69.

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

Insider Activity

In related news, insider Thomas Tray sold 650 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $69.31, for a total value of $45,051.50. Following the transaction, the insider now directly owns 23,312 shares of the company’s stock, valued at approximately $1,615,754.72. This trade represents a 2.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 6,043 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the sale, the executive vice president now owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,023 shares of company stock worth $839,711. 17.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James & Associates increased its stake in shares of Incyte by 783.4% in the second quarter. Raymond James & Associates now owns 34,790 shares of the biopharmaceutical company’s stock worth $2,109,000 after purchasing an additional 30,852 shares during the period. New York State Teachers Retirement System boosted its stake in Incyte by 4.1% during the 2nd quarter. New York State Teachers Retirement System now owns 211,984 shares of the biopharmaceutical company’s stock valued at $12,850,000 after purchasing an additional 8,335 shares during the period. Catalyst Financial Partners LLC acquired a new stake in Incyte in the 2nd quarter valued at approximately $442,000. Allspring Global Investments Holdings LLC increased its position in Incyte by 122.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after buying an additional 490,680 shares during the period. Finally, Cambiar Investors LLC lifted its holdings in shares of Incyte by 6.5% during the second quarter. Cambiar Investors LLC now owns 157,661 shares of the biopharmaceutical company’s stock worth $9,557,000 after buying an additional 9,665 shares during the last quarter. 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.