Incyte (NASDAQ:INCY) Price Target Raised to $152.00

Incyte (NASDAQ:INCY) had its price objective raised by HC Wainwright from $150.00 to $152.00 in a research note released on Monday morning, MarketBeat reports. HC Wainwright currently has a buy rating on the biopharmaceutical company’s stock.

Other research analysts have also issued research reports about the company. Mizuho increased their target price on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Wall Street Zen upgraded shares of Incyte from a “hold” rating to a “buy” rating in a report on Saturday, September 12th. Piper Sandler raised their price objective on Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a research report on Monday, August 17th. Morgan Stanley set a $119.00 price target on shares of Incyte in a research note on Wednesday, July 29th. Finally, Truist Financial increased their price objective on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $124.80.

Incyte Trading Down 1.5%

INCY stock opened at $121.35 on Monday. The stock has a market capitalization of $24.60 billion, a price-to-earnings ratio of 15.46, a PEG ratio of 3.58 and a beta of 0.77. Incyte has a 12-month low of $82.82 and a 12-month high of $132.60. The firm’s 50-day moving average price is $123.85 and its two-hundred day moving average price is $109.12.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.Incyte’s revenue was up 37.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.57 EPS. Equities analysts predict that Incyte will post 2.64 EPS for the current year.

Insider Buying and Selling at Incyte

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction 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 sale, the insider directly owned 183,200 shares of the company’s stock, valued at $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction dated 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 sale, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several hedge funds and other institutional investors have recently bought and sold shares of INCY. Fiduciary Financial Advisors bought a new stake in shares of Incyte in the second quarter worth approximately $26,000. Continuum Advisory LLC bought a new position in Incyte during the second quarter valued at approximately $36,000. University of Texas Texas AM Investment Management Co. bought a new position in Incyte during the fourth quarter valued at approximately $35,000. Quantbot Technologies LP purchased a new stake in Incyte in the second quarter worth approximately $52,000. Finally, Hantz Financial Services Inc. boosted its holdings in Incyte by 54.4% in the fourth quarter. Hantz Financial Services Inc. now owns 522 shares of the biopharmaceutical company’s stock worth $52,000 after purchasing an additional 184 shares during the last quarter. 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.