Wells Fargo & Company Lowers Incyte (NASDAQ:INCY) Price Target to $62.00

Incyte (NASDAQ:INCY) had its price objective lowered by Wells Fargo & Company from $63.00 to $62.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the biopharmaceutical company’s stock.

Other equities analysts have also recently issued research reports about the stock. JMP Securities reaffirmed a market perform rating on shares of Incyte in a research report on Tuesday, September 17th. Cantor Fitzgerald reaffirmed a neutral rating on shares of Incyte in a research report on Monday, September 16th. William Blair reaffirmed an outperform rating on shares of Incyte in a research report on Monday, September 9th. Wolfe Research initiated coverage on shares of Incyte in a report on Tuesday, October 1st. They set an outperform rating and a $84.00 target price on the stock. Finally, BMO Capital Markets reiterated an underperform rating and set a $48.00 target price (down from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Incyte has an average rating of Hold and a consensus price target of $73.21.

Incyte Stock Performance

Incyte stock opened at $66.12 on Thursday. The firm has a 50 day simple moving average of $64.30 and a 200-day simple moving average of $60.59. Incyte has a 1-year low of $50.27 and a 1-year high of $70.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. The stock has a market cap of $14.85 billion, a price-to-earnings ratio of 20.04, a price-to-earnings-growth ratio of 5.30 and a beta of 0.73.

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 analysts’ consensus estimates of $0.78 by ($2.60). The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.77 EPS. On average, analysts expect that Incyte will post 0.66 EPS for the current year.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 1,306 shares of Incyte stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total transaction of $83,832.14. Following the sale, the executive vice president now directly owns 58,042 shares in the company, valued at $3,725,715.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte 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 in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 1,306 shares of Incyte stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total transaction of $83,832.14. Following the sale, the executive vice president now owns 58,042 shares in the company, valued at $3,725,715.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,899 shares of company stock worth $1,736,746 in the last ninety days. 17.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Incyte by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock worth $1,294,120,000 after purchasing an additional 196,440 shares during the last quarter. Acadian Asset Management LLC grew its position in Incyte by 28.0% during the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock worth $215,833,000 after purchasing an additional 779,243 shares during the last quarter. LSV Asset Management grew its position in Incyte by 0.5% during the 2nd quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock worth $167,911,000 after purchasing an additional 15,115 shares during the last quarter. Pacer Advisors Inc. grew its position in Incyte by 17,460.4% during the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after purchasing an additional 2,676,851 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in Incyte by 70.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock worth $159,905,000 after purchasing an additional 1,101,041 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.