Incyte (NASDAQ:INCY) Rating Increased to Strong-Buy at StockNews.com

Incyte (NASDAQ:INCY) was upgraded by equities research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday.

Other research analysts have also recently issued research reports about the company. Wells Fargo & Company raised their target price on Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, December 19th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a report on Friday, January 10th. Oppenheimer increased their price target on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. Finally, Citigroup raised their target price on shares of Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $75.71.

Incyte Trading Up 0.5 %

Shares of INCY traded up $0.38 during mid-day trading on Tuesday, hitting $74.12. 1,269,826 shares of the company’s stock traded hands, compared to its average volume of 1,375,910. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $14.28 billion, a P/E ratio of 529.47, a PEG ratio of 0.54 and a beta of 0.70. The business’s 50-day moving average price is $71.83 and its 200-day moving average price is $68.93. Incyte has a 1 year low of $50.35 and a 1 year high of $83.95.

Insider Buying and Selling

In other news, EVP Steven H. Stein sold 12,352 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total value of $897,866.88. Following the transaction, the executive vice president now directly owns 66,967 shares in the company, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Thomas Tray sold 650 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $69.31, for a total value of $45,051.50. Following the sale, the insider now owns 23,312 shares of the company’s stock, valued at approximately $1,615,754.72. This trade represents a 2.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,375 shares of company stock worth $1,737,578. 17.60% of the stock is owned by corporate insiders.

Institutional Trading of Incyte

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global X Japan Co. Ltd. increased its stake in shares of Incyte by 144.7% in the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 230 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Incyte during the 3rd quarter valued at about $30,000. R Squared Ltd bought a new position in shares of Incyte during the 4th quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Incyte in the 3rd quarter worth approximately $33,000. Finally, Cromwell Holdings LLC raised its stake in Incyte by 101.1% during the 3rd quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 283 shares during the period. 96.97% of the stock is owned by hedge funds and other 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.