Incyte’s (INCY) “Buy” Rating Reaffirmed at HC Wainwright

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research note issued on Tuesday, Benzinga reports. They presently have a $152.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s target price points to a potential upside of 36.49% from the company’s previous close.

Other analysts also recently issued research reports about the stock. BMO Capital Markets reaffirmed a “market perform” rating on shares of Incyte in a research report on Tuesday, September 1st. Wells Fargo & Company increased their target price on shares of Incyte from $116.00 to $128.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 1st. Citigroup reissued a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. Barclays raised their price target on shares of Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Finally, Canaccord Genuity Group began coverage on shares of Incyte in a research note on Thursday, August 20th. They issued a “buy” rating and a $152.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $127.70.

Incyte Price Performance

NASDAQ INCY opened at $111.36 on Tuesday. The business has a 50 day simple moving average of $122.61 and a 200 day simple moving average of $110.34. Incyte has a one year low of $82.82 and a one year high of $132.60. The stock has a market capitalization of $22.57 billion, a P/E ratio of 14.19, a P/E/G ratio of 3.60 and a beta of 0.74.

Incyte (NASDAQ:INCY) last issued its 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 business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the company posted $1.57 earnings per share. The firm’s revenue for the quarter was up 37.7% on a year-over-year basis. Equities analysts expect that Incyte will post 2.40 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the transaction, the insider directly owned 183,200 shares of the company’s stock, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Institutional Trading of Incyte

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. NorthCrest Asset Manangement LLC raised its holdings in Incyte by 13.0% during the third quarter. NorthCrest Asset Manangement LLC now owns 13,589 shares of the biopharmaceutical company’s stock worth $1,532,000 after buying an additional 1,563 shares during the last quarter. Haven Capital Group Inc. lifted its stake in shares of Incyte by 3.8% in the third quarter. Haven Capital Group Inc. now owns 19,203 shares of the biopharmaceutical company’s stock valued at $2,330,000 after buying an additional 702 shares in the last quarter. Insight Wealth Strategies LLC grew its holdings in shares of Incyte by 1.7% during the third quarter. Insight Wealth Strategies LLC now owns 63,207 shares of the biopharmaceutical company’s stock valued at $7,670,000 after buying an additional 1,032 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Incyte by 4.7% during the third quarter. GAMMA Investing LLC now owns 8,598 shares of the biopharmaceutical company’s stock valued at $1,043,000 after buying an additional 385 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Incyte by 410.5% during the third quarter. Farther Finance Advisors LLC now owns 9,256 shares of the biopharmaceutical company’s stock valued at $1,123,000 after buying an additional 7,443 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

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.