Incyte (NASDAQ:INCY) Earns Buy Rating from Analysts at Canaccord Genuity Group

Equities researchers at Canaccord Genuity Group started coverage on shares of Incyte (NASDAQ:INCY) in a note issued to investors on Thursday. The firm set a “buy” rating and a $152.00 price target on the biopharmaceutical company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 18.32% from the company’s current price.

Several other analysts also recently commented on INCY. Citigroup reiterated a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. BMO Capital Markets lifted their price objective on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. upped their target price on shares of Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. HC Wainwright reiterated a “buy” rating and set a $150.00 target price on shares of Incyte in a research note on Thursday. Finally, Oppenheimer reiterated a “market perform” rating and set a $120.00 target price on shares of Incyte in a research note on Tuesday, July 28th. Eleven analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $123.10.

Incyte Stock Up 4.0%

INCY opened at $128.47 on Thursday. The firm has a market cap of $26.04 billion, a price-to-earnings ratio of 16.37, a price-to-earnings-growth ratio of 3.91 and a beta of 0.76. Incyte has a 52 week low of $81.09 and a 52 week high of $132.60. The business’s 50 day moving average is $115.40 and its two-hundred day moving average is $103.81.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.57 earnings per share. Equities analysts expect that Incyte will post 2.61 EPS for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the transaction, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Incyte in the 2nd quarter valued at approximately $2,044,189,000. Geode Capital Management LLC lifted its holdings in shares of Incyte by 11.3% in the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock valued at $491,500,000 after buying an additional 506,842 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Incyte by 9.5% in the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock valued at $405,321,000 after buying an additional 309,385 shares during the period. Invesco Ltd. boosted its stake in shares of Incyte by 13.2% in the fourth quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after buying an additional 405,611 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Incyte by 13.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock valued at $263,246,000 after buying an additional 373,298 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Company Profile

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.