Incyte (NASDAQ:INCY) Price Target Raised to $150.00

Incyte (NASDAQ:INCY) had its target price lifted by HC Wainwright from $140.00 to $150.00 in a research report sent to investors on Wednesday, Marketbeat.com reports. HC Wainwright currently has a buy rating on the biopharmaceutical company’s stock.

INCY has been the topic of several other reports. Barclays increased their target price on Incyte from $117.00 to $134.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Morgan Stanley lifted their price target on Incyte from $103.00 to $104.00 and gave the company an “equal weight” rating in a report on Thursday, July 23rd. Citigroup reaffirmed a “market perform” rating on shares of Incyte in a research note on Wednesday, July 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Incyte in a report on Monday, June 29th. Finally, Royal Bank Of Canada increased their price objective on shares of Incyte from $95.00 to $99.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 7th. Eight investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Incyte has an average rating of “Hold” and a consensus target price of $117.74.

Incyte Stock Performance

INCY stock opened at $119.52 on Wednesday. The company has a 50 day moving average price of $109.54 and a two-hundred day moving average price of $102.24. The stock has a market capitalization of $24.23 billion, a P/E ratio of 15.23, a PEG ratio of 1.60 and a beta of 0.76. Incyte has a one year low of $73.81 and a one year high of $132.60.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the company posted $1.57 EPS. The business’s revenue for the quarter was up 37.7% compared to the same quarter last year. Research analysts forecast that Incyte will post 6.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Incyte in the fourth quarter valued at approximately $122,893,000. Caisse de depot et placement du Quebec grew its stake in Incyte by 264.5% during the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after buying an additional 1,087,091 shares during the period. Marshall Wace LLP increased its position in shares of Incyte by 6,586.4% in the fourth quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock worth $105,930,000 after acquiring an additional 1,056,451 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Incyte by 3,406.8% in the fourth quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock worth $73,028,000 after acquiring an additional 718,294 shares in the last quarter. Finally, SEB Asset Management AB purchased a new position in shares of Incyte in the 1st quarter valued at $60,817,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.