Incyte (NASDAQ:INCY) Stock Rating Lowered by Wells Fargo & Company

Incyte (NASDAQ:INCY) was downgraded by equities researchers at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Tuesday, MarketBeat.com reports. They presently have a $107.00 price objective on the biopharmaceutical company’s stock, down from their previous price objective of $116.00. Wells Fargo & Company‘s target price would suggest a potential upside of 2.23% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. Stifel Nicolaus set a $119.00 target price on Incyte in a research report on Monday, January 5th. Piper Sandler upped their target price on Incyte from $82.00 to $102.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Mizuho set a $121.00 price target on Incyte and gave the stock an “outperform” rating in a research note on Monday, December 8th. Finally, Royal Bank Of Canada boosted their price objective on Incyte from $81.00 to $84.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 29th. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Incyte has an average rating of “Hold” and an average target price of $100.75.

Incyte Stock Performance

NASDAQ:INCY opened at $104.67 on Tuesday. The company has a current ratio of 3.20, a quick ratio of 3.13 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average of $102.04 and a 200-day moving average of $90.27. Incyte has a twelve month low of $53.56 and a twelve month high of $112.29. The firm has a market cap of $20.55 billion, a price-to-earnings ratio of 17.53, a price-to-earnings-growth ratio of 0.62 and a beta of 0.82.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 EPS for the quarter, beating the consensus estimate of $1.65 by $0.61. The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.26 billion. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The business’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.07 earnings per share. Analysts forecast that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, EVP Michael James Morrissey sold 4,323 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total transaction of $420,454.98. Following the completion of the sale, the executive vice president directly owned 27,507 shares in the company, valued at approximately $2,675,330.82. This trade represents a 13.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Sheila A. Denton sold 598 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $101.36, for a total value of $60,613.28. Following the completion of the transaction, the executive vice president owned 26,569 shares in the company, valued at $2,693,033.84. This represents a 2.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 98,897 shares of company stock worth $9,869,376. 17.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Bank of Nova Scotia boosted its stake in shares of Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after buying an additional 124 shares during the period. MAI Capital Management raised its holdings in shares of Incyte by 19.9% during the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock worth $51,000 after acquiring an additional 125 shares in the last quarter. Atlantic Edge Private Wealth Management LLC boosted its position in Incyte by 0.9% during the third quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock valued at $1,235,000 after purchasing an additional 125 shares during the last quarter. Perbak Capital Partners LLP boosted its position in Incyte by 2.5% during the third quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock valued at $449,000 after purchasing an additional 129 shares during the last quarter. Finally, Savvy Advisors Inc. grew its stake in Incyte by 2.6% in the fourth quarter. Savvy Advisors Inc. now owns 5,339 shares of the biopharmaceutical company’s stock valued at $527,000 after purchasing an additional 133 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.