Incyte (NASDAQ:INCY) Stock Rating Reaffirmed as “Buy” by HC Wainwright

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a report issued on Tuesday, Benzinga reports. They currently have a $152.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price objective would suggest a potential upside of 33.79% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Canaccord Genuity Group began coverage on Incyte in a research note on Thursday, August 20th. They set a “buy” rating and a $152.00 price target for the company. Citigroup reiterated a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. Piper Sandler lifted their target price on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. Truist Financial lifted their target price on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Monday, June 22nd. Finally, Barclays boosted their target price on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and thirteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Incyte presently has an average rating of “Moderate Buy” and a consensus price target of $128.20.

Incyte Price Performance

Shares of NASDAQ:INCY traded up $2.04 during trading on Tuesday, hitting $113.61. The company had a trading volume of 787,873 shares, compared to its average volume of 1,721,307. The stock has a market cap of $23.03 billion, a price-to-earnings ratio of 14.48, a price-to-earnings-growth ratio of 3.68 and a beta of 0.74. The company has a fifty day simple moving average of $122.21 and a two-hundred day simple moving average of $110.59. Incyte has a one year low of $84.02 and a one year high of $132.60.

Incyte (NASDAQ:INCY) last posted 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. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the business posted $1.57 earnings per share. The business’s revenue was up 37.7% compared to the same quarter last year. On average, equities research analysts anticipate that Incyte will post 2.40 earnings per share for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Patrick Mayes sold 41,899 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were 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 directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 10,801 shares of Incyte 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 completion of the transaction, the insider directly owned 183,200 shares in the company, 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 Investors Weigh In On Incyte

A number of large investors have recently modified their holdings of the business. Fiduciary Financial Advisors acquired a new stake in shares of Incyte in the second quarter worth $26,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Incyte during the fourth quarter worth $35,000. Continuum Advisory LLC purchased a new position in shares of Incyte during the second quarter worth $36,000. Quantbot Technologies LP acquired a new position in Incyte during the second quarter valued at $52,000. Finally, Parkside Financial Bank & Trust lifted its position in Incyte by 49.0% during the second quarter. Parkside Financial Bank & Trust now owns 727 shares of the biopharmaceutical company’s stock valued at $82,000 after purchasing an additional 239 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

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.