Incyte (NASDAQ:INCY) Stock Price Target Raised at Wells Fargo & Company

Incyte (NASDAQ:INCY) had its price objective hoisted by equities researchers at Wells Fargo & Company from $116.00 to $128.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 5.48% from the company’s previous close.

INCY has been the subject of a number of other reports. Barclays raised their price objective on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Truist Financial upped their target price on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Weiss Ratings upgraded shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a report on Friday, September 11th. Finally, Benchmark restated a “buy” rating on shares of Incyte in a research report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, Incyte presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.15.

Incyte Stock Performance

NASDAQ:INCY opened at $121.35 on Thursday. The business’s fifty day moving average is $123.85 and its 200 day moving average is $109.12. The firm has a market cap 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 52-week low of $82.82 and a 52-week high of $132.60.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate of $2.15 by $0.94. The business had revenue of $1.67 billion during 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%.The firm’s revenue was up 37.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.57 EPS. Equities analysts predict that Incyte will post 2.64 EPS for the current fiscal year.

Insider Buying and Selling

In other Incyte news, insider Pablo Cagnoni sold 10,801 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. The trade was a 5.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick 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 transaction 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 $7,339,741.86. The trade was a 40.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Fiduciary Financial Advisors purchased a new position in shares of Incyte in the 2nd quarter worth about $26,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Incyte during the 4th quarter valued at about $35,000. Continuum Advisory LLC purchased a new position in shares of Incyte during the 2nd quarter valued at about $36,000. Hantz Financial Services Inc. raised its holdings in shares of Incyte by 54.4% during the 4th quarter. Hantz Financial Services Inc. now owns 522 shares of the biopharmaceutical company’s stock valued at $52,000 after buying an additional 184 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in Incyte in the 2nd quarter worth approximately $52,000. 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.