Incyte (NASDAQ:INCY) Stock Rating Upgraded by Wall Street Zen

Incyte (NASDAQ:INCY) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Other equities research analysts also recently issued reports about the stock. Piper Sandler raised their price target on shares of Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a research note on Monday, August 17th. UBS Group upped their price objective on shares of Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Friday. Morgan Stanley set a $119.00 target price on shares of Incyte in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and thirteen have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $124.05.

Incyte Stock Performance

Incyte stock opened at $121.47 on Friday. Incyte has a 52 week low of $81.09 and a 52 week high of $132.60. The stock has a market capitalization of $24.62 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 3.53 and a beta of 0.77. The stock has a fifty day moving average of $121.80 and a 200-day moving average of $106.70.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the firm posted $1.57 earnings per share. Incyte’s revenue was up 37.7% compared to the same quarter last year. On average, research analysts forecast that Incyte will post 2.64 earnings per share for the current year.

Insider Activity at Incyte

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the transaction, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Institutional Trading of Incyte

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fiduciary Financial Advisors bought a new stake in shares of Incyte in the 2nd quarter valued at about $26,000. Elyxium Wealth LLC bought a new position in shares of Incyte during the fourth quarter worth about $28,000. Smithfield Trust Co raised its position in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 162 shares during the last quarter. Continuum Advisory LLC acquired a new position in shares of Incyte in the second quarter worth approximately $36,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Incyte in the fourth quarter worth approximately $35,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.