Incyte (NASDAQ:INCY) Given “Buy” Rating at HC Wainwright

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a report issued on Wednesday,Benzinga reports. They currently have a $140.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s target price points to a potential upside of 34.10% from the stock’s current price.

A number of other research analysts also recently commented on INCY. Oppenheimer reaffirmed a “market perform” rating and set a $107.00 target price on shares of Incyte in a report on Monday, June 8th. Truist Financial boosted their price target on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday. Barclays reissued an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 1st. Finally, Citigroup reaffirmed a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. Eight research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $106.90.

Incyte Price Performance

INCY opened at $104.40 on Wednesday. The company has a market capitalization of $20.86 billion, a P/E ratio of 14.75, a PEG ratio of 1.00 and a beta of 0.79. The company has a 50-day moving average of $98.49 and a 200-day moving average of $98.98. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. Incyte has a 1-year low of $66.83 and a 1-year high of $112.29.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.38 by $0.43. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.16 earnings per share. Equities analysts expect that Incyte will post 6.66 EPS for the current fiscal year.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares in the company, valued at $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Incyte

Institutional investors have recently modified their holdings of the company. Jacobi Capital Management LLC raised its position in shares of Incyte by 0.9% in the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock valued at $1,048,000 after buying an additional 99 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Incyte by 0.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after buying an additional 100 shares during the period. Smartleaf Asset Management LLC grew its position in Incyte by 7.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after buying an additional 113 shares in the last quarter. Bank of Nova Scotia grew its position in Incyte by 0.7% during the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after buying an additional 124 shares in the last quarter. Finally, Perbak Capital Partners LLP increased its stake in Incyte by 2.5% during the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock worth $449,000 after acquiring an additional 129 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.