Incyte (NASDAQ:INCY) Earns “Buy” Rating from HC Wainwright

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a report issued on Wednesday,Benzinga reports. They presently have a $135.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price target would suggest a potential upside of 41.63% from the company’s previous close.

A number of other brokerages have also recently commented on INCY. Barclays reaffirmed an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Truist Financial set a $103.00 price target on Incyte in a research report on Wednesday, December 24th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $90.00 price target on shares of Incyte in a research report on Thursday, January 8th. Morgan Stanley set a $102.00 price target on Incyte in a research report on Wednesday, February 11th. Finally, Royal Bank Of Canada decreased their price objective on Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 11th. Ten analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Incyte presently has an average rating of “Hold” and a consensus target price of $104.89.

Incyte Stock Down 1.8%

Shares of NASDAQ INCY opened at $95.32 on Wednesday. Incyte has a one year low of $56.13 and a one year high of $112.29. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. The business’s fifty day moving average price is $96.90 and its 200-day moving average price is $97.98. The stock has a market capitalization of $18.97 billion, a PE ratio of 14.87, a P/E/G ratio of 0.77 and a beta of 0.85.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). Incyte had a net margin of 25.03% and a return on equity of 26.34%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the prior year, the company earned $1.43 EPS. The firm’s quarterly revenue was up 27.8% on a year-over-year basis. On average, equities research analysts anticipate that Incyte will post 4.86 EPS for the current year.

Insider Activity

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the sale, the insider directly owned 234,800 shares in the company, valued at approximately $22,127,552. The trade was a 7.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors have recently added to or reduced their stakes in the business. Jacobi Capital Management LLC increased its stake in Incyte by 0.9% in the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after acquiring an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in Incyte by 0.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock worth $1,864,000 after acquiring an additional 100 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in Incyte by 7.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after acquiring an additional 113 shares during the last quarter. Bank of Nova Scotia increased its stake in Incyte by 0.7% in the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after acquiring an additional 124 shares during the last quarter. Finally, Atlantic Edge Private Wealth Management LLC increased its stake in Incyte by 0.9% in the 3rd quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock worth $1,235,000 after acquiring an additional 125 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.

About Incyte

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.