Incyte (NASDAQ:INCY) Price Target Raised to $70.00

Incyte (NASDAQ:INCY) had its price objective hoisted by Wells Fargo & Company from $68.00 to $70.00 in a report issued on Thursday,Benzinga reports. They currently have an equal weight rating on the biopharmaceutical company’s stock.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley upped their price target on Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. StockNews.com cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 13th. BMO Capital Markets reissued an “underperform” rating and set a $52.00 price objective (up previously from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $76.29.

Incyte Trading Up 2.7 %

NASDAQ:INCY opened at $68.84 on Thursday. The company has a 50-day moving average price of $72.42 and a 200-day moving average price of $66.62. The stock has a market cap of $13.26 billion, a price-to-earnings ratio of 491.75, a P/E/G ratio of 8.36 and a beta of 0.69. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. Incyte has a 12 month low of $50.35 and a 12 month high of $83.95.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the company earned $0.91 earnings per share. Incyte’s quarterly revenue was up 23.8% on a year-over-year basis. Equities analysts predict that Incyte will post 0.4 EPS for the current year.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This represents a 5.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction on Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the sale, the executive vice president now directly owns 30,658 shares of the company’s stock, valued at $2,311,000.04. The trade was a 16.47 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,023 shares of company stock worth $839,711. Company insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several institutional investors have recently made changes to their positions in INCY. Acadian Asset Management LLC increased its holdings in Incyte by 28.0% during the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after buying an additional 779,243 shares during the last quarter. LSV Asset Management increased its stake in shares of Incyte by 0.5% in the 2nd quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock worth $167,911,000 after purchasing an additional 15,115 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of Incyte by 17,460.4% in the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after purchasing an additional 2,676,851 shares in the last quarter. AQR Capital Management LLC raised its holdings in Incyte by 70.5% in the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock worth $159,905,000 after purchasing an additional 1,101,041 shares during the period. Finally, Point72 Asset Management L.P. purchased a new position in Incyte during the third quarter valued at $156,611,000. Institutional investors own 96.97% of the company’s stock.

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.