Incyte (NASDAQ:INCY) Rating Increased to Strong-Buy at TD Cowen

TD Cowen upgraded shares of Incyte (NASDAQ:INCY) to a strong-buy rating in a report published on Monday,Zacks.com reports.

A number of other brokerages also recently weighed in on INCY. Guggenheim increased their price target on shares of Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Stifel Nicolaus set a $145.00 target price on shares of Incyte in a report on Tuesday, July 28th. Truist Financial boosted their price target on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Wall Street Zen downgraded Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, BMO Capital Markets raised their price objective on Incyte from $112.00 to $130.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, Incyte currently has an average rating of “Moderate Buy” and a consensus price target of $123.10.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $127.98 on Monday. Incyte has a 52-week low of $81.09 and a 52-week high of $132.60. The business has a fifty day moving average of $116.69 and a two-hundred day moving average of $104.37. The stock has a market cap of $25.94 billion, a PE ratio of 16.30, a PEG ratio of 4.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same quarter last year, the company posted $1.57 EPS. Analysts predict that Incyte will post 2.61 earnings per share for the current year.

Insider Activity at Incyte

In other news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction 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. This represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a legal 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, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s 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 owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. 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 corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Fiduciary Financial Advisors acquired a new stake in shares of Incyte in the 2nd quarter valued at approximately $26,000. Elyxium Wealth LLC bought a new position in shares of Incyte in the 4th quarter valued at about $28,000. Smithfield Trust Co lifted its stake in Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in Incyte in the 2nd quarter valued at about $32,000. Finally, CYBER HORNET ETFs LLC bought a new position in Incyte during the second quarter worth about $33,000. 96.97% of the stock is currently owned by institutional investors.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.