Wall Street Zen Upgrades Incyte (NASDAQ:INCY) to Strong-Buy

Wall Street Zen upgraded shares of Incyte (NASDAQ:INCY) from a buy rating to a strong-buy rating in a report released on Friday.

Other equities research analysts have also issued research reports about the stock. BMO Capital Markets reiterated an “underperform” rating and set a $60.00 price objective (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. UBS Group restated a “neutral” rating and issued a $68.00 price target (up previously from $62.00) on shares of Incyte in a report on Wednesday, July 30th. Weiss Ratings restated a “hold (c+)” rating on shares of Incyte in a report on Saturday, September 27th. Stifel Nicolaus boosted their price target on shares of Incyte from $110.00 to $115.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Incyte from $67.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, August 22nd. Six research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Incyte presently has an average rating of “Hold” and a consensus price target of $83.64.

Incyte Trading Up 0.7%

Shares of INCY opened at $86.85 on Friday. Incyte has a 1-year low of $53.56 and a 1-year high of $88.66. The company has a 50-day moving average of $83.27 and a 200 day moving average of $70.74. The firm has a market capitalization of $16.96 billion, a price-to-earnings ratio of 19.74, a PEG ratio of 0.67 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78.

Insiders Place Their Bets

In other Incyte news, EVP Barry P. Flannelly sold 1,192 shares of the business’s stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $83,273.12. Following the sale, the executive vice president owned 37,630 shares of the company’s stock, valued at approximately $2,628,831.80. The trade was a 3.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Steven H. Stein sold 3,706 shares of the business’s stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $67.94, for a total transaction of $251,785.64. Following the sale, the executive vice president directly owned 102,886 shares in the company, valued at approximately $6,990,074.84. This represents a 3.48% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 36,257 shares of company stock valued at $2,487,927. Insiders own 17.80% of the company’s stock.

Institutional Trading of Incyte

Large investors have recently bought and sold shares of the stock. FNY Investment Advisers LLC purchased a new stake in Incyte during the 2nd quarter worth approximately $27,000. Banque Transatlantique SA purchased a new stake in shares of Incyte in the 1st quarter valued at $26,000. MUFG Securities EMEA plc purchased a new stake in shares of Incyte in the 2nd quarter valued at $32,000. CYBER HORNET ETFs LLC purchased a new stake in shares of Incyte in the 2nd quarter valued at $33,000. Finally, Hilltop National Bank purchased a new stake in shares of Incyte in the 2nd quarter valued at $37,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

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.