Wolfe Research Begins Coverage on Incyte (NASDAQ:INCY)

Wolfe Research initiated coverage on shares of Incyte (NASDAQ:INCY) in a research report released on Tuesday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $84.00 target price on the biopharmaceutical company’s stock.

A number of other research firms also recently issued reports on INCY. Truist Financial reaffirmed a hold rating and set a $74.00 price objective (down from $83.00) on shares of Incyte in a report on Wednesday, September 18th. JMP Securities reaffirmed a market perform rating on shares of Incyte in a research report on Tuesday, September 17th. Bank of America increased their price objective on shares of Incyte from $66.00 to $68.00 and gave the company a neutral rating in a research note on Monday, September 16th. Guggenheim boosted their target price on Incyte from $86.00 to $92.00 and gave the stock a buy rating in a research note on Monday, September 16th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Incyte from $55.00 to $60.00 and gave the company a hold rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and a consensus price target of $73.83.

Incyte Trading Down 0.9 %

INCY opened at $67.04 on Tuesday. The firm has a market capitalization of $15.05 billion, a PE ratio of 20.32, a P/E/G ratio of 5.17 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $70.36. The company’s 50-day moving average is $64.36 and its 200 day moving average is $60.19.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.77 EPS. As a group, research analysts predict that Incyte will post 0.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,047 shares of company stock valued at $2,225,626. Company insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently modified their holdings of INCY. Corient Private Wealth LLC raised its stake in shares of Incyte by 55.9% during the fourth quarter. Corient Private Wealth LLC now owns 8,546 shares of the biopharmaceutical company’s stock worth $537,000 after acquiring an additional 3,065 shares in the last quarter. Bank of Nova Scotia increased its holdings in shares of Incyte by 172.8% in the fourth quarter. Bank of Nova Scotia now owns 66,956 shares of the biopharmaceutical company’s stock worth $4,204,000 after buying an additional 42,415 shares during the period. California State Teachers Retirement System boosted its holdings in Incyte by 5.3% during the 4th quarter. California State Teachers Retirement System now owns 302,912 shares of the biopharmaceutical company’s stock valued at $19,020,000 after acquiring an additional 15,297 shares during the period. NEOS Investment Management LLC increased its stake in Incyte by 147.4% in the 4th quarter. NEOS Investment Management LLC now owns 9,662 shares of the biopharmaceutical company’s stock worth $607,000 after purchasing an additional 5,757 shares during the period. Finally, Rafferty Asset Management LLC lifted its position in Incyte by 15.5% in the fourth quarter. Rafferty Asset Management LLC now owns 183,064 shares of the biopharmaceutical company’s stock valued at $11,495,000 after purchasing an additional 24,525 shares during the last quarter. 96.97% of the stock is currently 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.