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

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research note issued on Thursday,Benzinga reports. They presently have a $150.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price objective would suggest a potential upside of 16.76% from the stock’s previous close.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. increased their price target 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. Oppenheimer reissued a “market perform” rating and set a $120.00 price objective on shares of Incyte in a research note on Tuesday, July 28th. Royal Bank Of Canada upped their price objective on shares of Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 29th. Stifel Nicolaus set a $145.00 target price on shares of Incyte in a research note on Tuesday, July 28th. Finally, TD Cowen reiterated a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. Eleven analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $123.10.

Incyte Stock Up 4.0%

Shares of INCY stock opened at $128.47 on Thursday. The stock has a market cap of $26.04 billion, a price-to-earnings ratio of 16.37, a PEG ratio of 3.91 and a beta of 0.76. The business’s fifty day moving average is $115.40 and its 200 day moving average is $103.81. Incyte has a twelve month low of $81.09 and a twelve month high of $132.60.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.57 earnings per share. Equities research analysts expect that Incyte will post 2.61 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the sale, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of hedge funds have recently added to or reduced their stakes in INCY. Fiduciary Financial Advisors bought a new position in Incyte in the 2nd quarter valued at approximately $26,000. Elyxium Wealth LLC bought a new stake in shares of Incyte in the 4th quarter worth $28,000. Smithfield Trust Co increased its holdings in shares of Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 162 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Incyte in the fourth quarter worth $35,000. Finally, Atlas Capital Advisors Inc. purchased a new position in shares of Incyte in the fourth quarter worth $35,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

About Incyte

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.