Incyte (NASDAQ:INCY) Coverage Initiated at Wolfe Research

Equities researchers at Wolfe Research assumed coverage on shares of Incyte (NASDAQ:INCY) in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $84.00 price target on the biopharmaceutical company’s stock. Wolfe Research’s target price indicates a potential upside of 24.21% from the company’s current price.

Several other research firms have also recently weighed in on INCY. Truist Financial reiterated a “hold” rating and issued a $74.00 price target (down previously from $83.00) on shares of Incyte in a report on Wednesday, September 18th. BMO Capital Markets reiterated an “underperform” rating and issued a $48.00 price target (down previously from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. Oppenheimer cut their price target on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Finally, Guggenheim lifted their price target on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $73.83.

Incyte Trading Down 0.6 %

INCY stock opened at $67.63 on Tuesday. The company has a market capitalization of $15.19 billion, a PE ratio of 20.49, a price-to-earnings-growth ratio of 5.17 and a beta of 0.73. Incyte has a one year low of $50.27 and a one year high of $70.36. The company’s 50 day moving average price is $64.39 and its two-hundred day moving average price is $60.14. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the business posted $0.77 EPS. The firm’s revenue for the quarter was up 9.3% on a year-over-year basis. As a group, analysts predict that Incyte will post 0.66 earnings per share for the current fiscal year.

Insider Activity at Incyte

In related news, EVP Barry P. Flannelly sold 1,306 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total transaction of $83,832.14. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $3,725,715.98. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Incyte news, EVP Barry P. Flannelly sold 1,306 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total value of $83,832.14. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $3,725,715.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the transaction, the executive vice president now owns 36,701 shares of the company’s stock, valued at $2,569,070. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,047 shares of company stock worth $2,225,626. 17.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INCY. Deseret Mutual Benefit Administrators raised its holdings in shares of Incyte by 37.1% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 164 shares in the last quarter. Moody National Bank Trust Division raised its holdings in shares of Incyte by 1.3% during the 2nd quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock worth $861,000 after acquiring an additional 179 shares in the last quarter. Ballentine Partners LLC raised its holdings in shares of Incyte by 4.0% during the 2nd quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock worth $287,000 after acquiring an additional 182 shares in the last quarter. 180 Wealth Advisors LLC raised its holdings in shares of Incyte by 4.5% during the 1st quarter. 180 Wealth Advisors LLC now owns 4,764 shares of the biopharmaceutical company’s stock worth $271,000 after acquiring an additional 204 shares in the last quarter. Finally, Empirical Finance LLC raised its holdings in shares of Incyte by 3.7% during the 1st quarter. Empirical Finance LLC now owns 6,395 shares of the biopharmaceutical company’s stock worth $364,000 after acquiring an additional 230 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

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.