Incyte (NASDAQ:INCY) Upgraded at Bank of America

Bank of America upgraded shares of Incyte (NASDAQ:INCY) from a neutral rating to a buy rating in a research note issued to investors on Tuesday morning, MarketBeat reports. The firm currently has $90.00 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $68.00.

Several other research analysts have also recently weighed in on INCY. William Blair restated an “outperform” rating on shares of Incyte in a research report on Monday, September 9th. Wolfe Research initiated coverage on shares of Incyte in a research report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price objective on the stock. BMO Capital Markets reiterated an “underperform” rating and issued a $48.00 target price (down from $52.00) on shares of Incyte in a research report on Tuesday, July 2nd. JMP Securities restated a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. Finally, Guggenheim upped their price objective on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $76.74.

Incyte Trading Up 0.3 %

Incyte stock opened at $74.12 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.87. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $74.68. The stock has a market cap of $14.28 billion, a P/E ratio of 529.47, a PEG ratio of 6.57 and a beta of 0.73. The firm’s fifty day moving average price is $65.80 and its 200-day moving average price is $61.68.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. Incyte’s revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.77 earnings per share. Equities research analysts forecast that Incyte will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the sale, the executive vice president now directly owns 36,390 shares in the company, valued at approximately $2,269,280.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Incyte news, insider Thomas Tray sold 572 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the sale, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Institutional investors have recently bought and sold shares of the stock. JB Capital LLC boosted its position in Incyte by 2.5% during the 3rd quarter. JB Capital LLC now owns 46,628 shares of the biopharmaceutical company’s stock valued at $3,082,000 after acquiring an additional 1,150 shares in the last quarter. Greenwood Capital Associates LLC purchased a new stake in Incyte in the third quarter worth $433,000. Forum Financial Management LP bought a new position in Incyte in the third quarter worth $232,000. Robeco Institutional Asset Management B.V. raised its holdings in Incyte by 5.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock worth $83,680,000 after purchasing an additional 70,596 shares in the last quarter. Finally, Integrated Advisors Network LLC purchased a new position in Incyte during the third quarter valued at $967,000. 96.97% of the stock is owned by institutional investors.

Incyte Company Profile

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.