Incyte (NASDAQ:INCY) Upgraded by Stifel Nicolaus to Buy Rating

Stifel Nicolaus upgraded shares of Incyte (NASDAQ:INCY) from a hold rating to a buy rating in a research report report published on Monday, MarketBeat.com reports. The firm currently has $107.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $75.00.

A number of other equities analysts have also issued reports on INCY. Wells Fargo & Company upped their target price on shares of Incyte from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 30th. UBS Group reaffirmed a “neutral” rating and issued a $61.00 price objective on shares of Incyte in a research note on Tuesday, June 3rd. Truist Financial raised their price objective on shares of Incyte from $72.00 to $73.00 and gave the company a “hold” rating in a research note on Tuesday, May 27th. Royal Bank of Canada raised their price objective on shares of Incyte from $64.00 to $67.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 30th. Finally, Citigroup reaffirmed a “buy” rating on shares of Incyte in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $74.53.

Incyte Price Performance

Shares of INCY stock opened at $71.22 on Monday. Incyte has a 1 year low of $53.56 and a 1 year high of $83.95. The firm’s 50 day moving average is $62.59 and its 200-day moving average is $66.95. The firm has a market capitalization of $13.79 billion, a price-to-earnings ratio of 263.79, a PEG ratio of 0.41 and a beta of 0.67. The company has a current ratio of 1.97, a quick ratio of 1.94 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.15. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. During the same period in the prior year, the business earned $0.64 earnings per share. Incyte’s quarterly revenue was up 19.5% on a year-over-year basis. Sell-side analysts forecast that Incyte will post 4.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Incyte

Several hedge funds have recently bought and sold shares of the company. Inspire Investing LLC raised its holdings in Incyte by 11.7% in the first quarter. Inspire Investing LLC now owns 23,052 shares of the biopharmaceutical company’s stock worth $1,396,000 after purchasing an additional 2,411 shares during the period. Invst LLC acquired a new stake in shares of Incyte during the first quarter worth $315,000. Strs Ohio acquired a new stake in shares of Incyte during the first quarter worth $2,064,000. Jacobi Capital Management LLC raised its holdings in shares of Incyte by 5.8% during the first quarter. Jacobi Capital Management LLC now owns 11,573 shares of the biopharmaceutical company’s stock worth $701,000 after acquiring an additional 636 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in shares of Incyte by 65.6% during the first quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company’s stock worth $152,062,000 after acquiring an additional 994,609 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.