Incyte (NASDAQ:INCY) Coverage Initiated by Analysts at HC Wainwright

HC Wainwright initiated coverage on shares of Incyte (NASDAQ:INCY) in a research note released on Thursday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $135.00 price objective on the biopharmaceutical company’s stock.

Several other brokerages also recently issued reports on INCY. Guggenheim raised Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research note on Monday, November 3rd. TD Cowen reaffirmed a “buy” rating on shares of Incyte in a report on Tuesday, January 13th. JPMorgan Chase & Co. boosted their target price on shares of Incyte from $73.00 to $89.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Mizuho set a $121.00 target price on shares of Incyte and gave the company an “outperform” rating in a research note on Monday, December 8th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Incyte in a report on Thursday, January 22nd. Nine investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $102.82.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $102.76 on Thursday. The stock has a market cap of $20.17 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 0.62 and a beta of 0.82. Incyte has a 1 year low of $53.56 and a 1 year high of $112.29. The firm has a fifty day moving average price of $101.61 and a 200-day moving average price of $92.68. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13.

Insider Buying and Selling at Incyte

In other Incyte news, insider Thomas Tray sold 2,774 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $100.00, for a total transaction of $277,400.00. Following the sale, the insider directly owned 22,973 shares of the company’s stock, valued at $2,297,300. The trade was a 10.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael James Morrissey sold 54,008 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $97.29, for a total value of $5,254,438.32. Following the sale, the executive vice president owned 31,830 shares in the company, valued at approximately $3,096,740.70. This trade represents a 62.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 95,225 shares of company stock valued at $9,519,745. Corporate insiders own 17.80% of the company’s stock.

Institutional Trading of Incyte

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. purchased a new position in Incyte during the third quarter worth $26,000. FNY Investment Advisers LLC bought a new stake in shares of Incyte in the 2nd quarter worth about $27,000. Root Financial Partners LLC purchased a new position in shares of Incyte during the 3rd quarter worth about $28,000. Elyxium Wealth LLC bought a new position in Incyte during the 4th quarter valued at about $28,000. Finally, Quent Capital LLC purchased a new stake in Incyte in the 3rd quarter worth about $30,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.