Incyte (NASDAQ:INCY) Price Target Raised to $157.00

Incyte (NASDAQ:INCY) had its price objective raised by Stifel Nicolaus from $145.00 to $157.00 in a research note released on Monday, MarketBeat reports. They currently have a buy rating on the biopharmaceutical company’s stock.

A number of other equities analysts have also commented on the stock. Oppenheimer reissued a “market perform” rating and issued a $120.00 price target on shares of Incyte in a research report on Tuesday, July 28th. UBS Group reiterated a “buy” rating on shares of Incyte in a research note on Monday, September 28th. JPMorgan Chase & Co. boosted their target price on shares of Incyte from $120.00 to $123.00 and gave the stock a “neutral” rating in a research report on Monday, September 28th. TD Cowen upgraded shares of Incyte to a “strong-buy” rating in a report on Monday, August 24th. Finally, Guggenheim raised their price target on Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $127.45.

Incyte Stock Performance

INCY stock opened at $113.44 on Monday. The firm has a 50 day simple moving average of $123.09 and a 200 day simple moving average of $109.88. Incyte has a 52 week low of $82.82 and a 52 week high of $132.60. The stock has a market cap of $22.99 billion, a P/E ratio of 14.45, a P/E/G ratio of 3.58 and a beta of 0.74.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating 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 firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the company posted $1.57 earnings per share. The business’s quarterly revenue was up 37.7% compared to the same quarter last year. Sell-side analysts predict that Incyte will post 2.41 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Institutional Trading of Incyte

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Incyte in the 2nd quarter valued at $2,044,189,000. Wellington Management Group LLP boosted its stake in Incyte by 9.5% during the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock worth $405,321,000 after acquiring an additional 309,385 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Incyte by 10.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock worth $185,873,000 after purchasing an additional 187,354 shares in the last quarter. Legal & General Group Plc acquired a new position in Incyte in the second quarter valued at about $182,054,000. Finally, Pacer Advisors Inc. grew its position in shares of Incyte by 36.4% in the 4th quarter. Pacer Advisors Inc. now owns 1,703,271 shares of the biopharmaceutical company’s stock valued at $168,232,000 after purchasing an additional 454,629 shares during the period. 96.97% of the stock is owned by institutional investors.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.