Stifel Nicolaus Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price objective hoisted by Stifel Nicolaus from $110.00 to $115.00 in a research report released on Monday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the biopharmaceutical company’s stock.

INCY has been the topic of several other reports. Guggenheim reaffirmed a “neutral” rating on shares of Incyte in a report on Friday. Citigroup increased their price objective on shares of Incyte from $88.00 to $103.00 and gave the company a “buy” rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. increased their price objective on shares of Incyte from $67.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, August 22nd. UBS Group reaffirmed a “neutral” rating and set a $68.00 price objective (up from $62.00) on shares of Incyte in a report on Wednesday, July 30th. Finally, Wall Street Zen cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 13th. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $83.07.

Incyte Stock Performance

INCY opened at $84.73 on Monday. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The company has a market cap of $16.55 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 0.68 and a beta of 0.75. Incyte has a 52-week low of $53.56 and a 52-week high of $87.99. The firm’s fifty day simple moving average is $80.47 and its two-hundred day simple moving average is $69.65.

Insider Activity

In related news, EVP Steven H. Stein sold 3,706 shares of the firm’s stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $67.94, for a total transaction of $251,785.64. Following the completion of the sale, the executive vice president directly owned 102,886 shares in the company, valued at approximately $6,990,074.84. This trade represents a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of the firm’s stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $82,225.22. Following the sale, the executive vice president owned 35,929 shares of the company’s stock, valued at approximately $2,509,999.94. The trade was a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,376 shares of company stock valued at $3,859,312 in the last ninety days. 17.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Incyte

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. increased its position in Incyte by 17.1% during the second quarter. Osaic Holdings Inc. now owns 8,895 shares of the biopharmaceutical company’s stock worth $605,000 after purchasing an additional 1,299 shares during the last quarter. Orion Porfolio Solutions LLC increased its position in Incyte by 25.0% during the second quarter. Orion Porfolio Solutions LLC now owns 12,096 shares of the biopharmaceutical company’s stock worth $824,000 after purchasing an additional 2,418 shares during the last quarter. Thrivent Financial for Lutherans increased its position in Incyte by 22.5% during the second quarter. Thrivent Financial for Lutherans now owns 37,251 shares of the biopharmaceutical company’s stock worth $2,537,000 after purchasing an additional 6,847 shares during the last quarter. Cim Investment Management Inc. increased its position in Incyte by 99.7% during the second quarter. Cim Investment Management Inc. now owns 12,065 shares of the biopharmaceutical company’s stock worth $827,000 after purchasing an additional 6,022 shares during the last quarter. Finally, Advisory Services Network LLC increased its position in Incyte by 11.0% during the second quarter. Advisory Services Network LLC now owns 48,271 shares of the biopharmaceutical company’s stock worth $3,615,000 after purchasing an additional 4,784 shares during the last quarter. 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.