Incyte’s (INCY) “Buy” Rating Reaffirmed at HC Wainwright

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a report released on Monday,Benzinga reports. They presently have a $135.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s target price would indicate a potential upside of 40.71% from the stock’s current price.

Other research analysts have also issued research reports about the company. Morgan Stanley set a $102.00 target price on Incyte in a report on Wednesday, February 11th. Wells Fargo & Company lowered their price target on Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 11th. Royal Bank Of Canada dropped their price objective on Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 11th. Zacks Research downgraded shares of Incyte from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Finally, Barclays upped their target price on shares of Incyte from $116.00 to $117.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 18th. Ten equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $104.00.

Incyte Trading Down 1.4%

INCY opened at $95.94 on Monday. Incyte has a fifty-two week low of $53.56 and a fifty-two week high of $112.29. The firm has a market capitalization of $19.09 billion, a PE ratio of 14.97, a P/E/G ratio of 0.76 and a beta of 0.84. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. The company’s 50-day moving average is $102.28 and its 200 day moving average is $96.32.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. Incyte’s revenue for the quarter was up 27.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.43 EPS. As a group, research analysts predict that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Michael James Morrissey sold 4,323 shares of Incyte stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total transaction of $420,454.98. Following the sale, the executive vice president directly owned 27,507 shares in the company, valued at approximately $2,675,330.82. This trade represents a 13.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the business’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total value of $1,184,063.92. Following the completion of the transaction, the executive vice president directly owned 66,132 shares in the company, valued at approximately $7,213,017.24. This represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 72,561 shares of company stock worth $7,195,307. 17.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

Institutional investors have recently added to or reduced their stakes in the stock. AustralianSuper Pty Ltd bought a new position in Incyte during the third quarter valued at $18,085,000. denkapparat Operations GmbH raised its stake in shares of Incyte by 46.1% in the second quarter. denkapparat Operations GmbH now owns 11,292 shares of the biopharmaceutical company’s stock valued at $769,000 after buying an additional 3,564 shares during the period. Rakuten Investment Management Inc. purchased a new position in shares of Incyte during the 3rd quarter valued at $14,646,000. LBP AM SA lifted its position in shares of Incyte by 33.6% during the 3rd quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company’s stock valued at $20,245,000 after buying an additional 59,974 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Incyte by 38.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company’s stock worth $32,873,000 after acquiring an additional 108,645 shares during the period. Institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

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.