StockNews.com Upgrades Incyte (NASDAQ:INCY) to Strong-Buy

Incyte (NASDAQ:INCY) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Wednesday.

Other equities research analysts have also issued research reports about the company. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. Guggenheim cut shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price target for the company. in a report on Tuesday, March 18th. Wells Fargo & Company increased their price objective on shares of Incyte from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Citigroup decreased their target price on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. Finally, Morgan Stanley cut their price target on Incyte from $69.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $73.53.

Incyte Stock Down 1.0 %

Shares of NASDAQ:INCY opened at $62.03 on Wednesday. The business has a fifty day simple moving average of $62.77 and a 200 day simple moving average of $68.88. Incyte has a 12-month low of $52.28 and a 12-month high of $83.95. The firm has a market cap of $12.00 billion, a P/E ratio of 229.75, a P/E/G ratio of 0.41 and a beta of 0.89. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.01 by $0.15. Incyte had a return on equity of 0.05% and a net margin of 0.77%. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $996.17 million. During the same period in the prior year, the business posted $0.64 earnings per share. The firm’s revenue was up 19.5% on a year-over-year basis. Analysts predict that Incyte will post 4.86 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other news, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the sale, the executive vice president now owns 25,848 shares in the company, valued at $1,809,101.52. This trade represents a 2.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now owns 33,567 shares in the company, valued at approximately $2,272,150.23. The trade was a 37.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,475 shares of company stock worth $2,424,751 in the last quarter. 17.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Incyte

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWA Asset Management Group LLC bought a new stake in shares of Incyte during the 4th quarter valued at $1,933,000. Tri Ri Asset Management Corp bought a new stake in shares of Incyte during the third quarter valued at about $3,292,000. Wells Fargo & Company MN increased its position in shares of Incyte by 61.3% during the fourth quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company’s stock valued at $12,031,000 after buying an additional 66,220 shares during the period. Pallas Capital Advisors LLC bought a new position in shares of Incyte in the fourth quarter valued at approximately $1,006,000. Finally, JPMorgan Chase & Co. grew its stake in Incyte by 13.5% during the fourth quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company’s stock valued at $22,354,000 after acquiring an additional 38,550 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.