Incyte (NASDAQ:INCY) Rating Increased to Strong-Buy at Wall Street Zen

Incyte (NASDAQ:INCY) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday.

Other research analysts have also issued research reports about the company. Truist Financial upped their price target on Incyte from $73.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, July 30th. Barclays began coverage on Incyte in a research report on Friday, August 1st. They set an “overweight” rating and a $90.00 price target for the company. JPMorgan Chase & Co. increased their target price on Incyte from $67.00 to $73.00 and gave the stock a “neutral” rating in a research report on Friday, August 22nd. Stifel Nicolaus increased their target price on Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Finally, Wells Fargo & Company raised Incyte from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $67.00 to $89.00 in a research report on Wednesday, August 6th. Six research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $83.64.

Incyte Trading Up 0.7%

INCY opened at $86.85 on Friday. The business has a 50 day simple moving average of $83.27 and a two-hundred day simple moving average of $70.81. The firm has a market capitalization of $16.96 billion, a price-to-earnings ratio of 19.74, a PEG ratio of 0.68 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. Incyte has a one year low of $53.56 and a one year high of $88.66.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 1,177 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $82,225.22. Following the sale, the executive vice president directly owned 35,929 shares in the company, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 1,192 shares of the stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $83,273.12. Following the sale, the executive vice president owned 37,630 shares in the company, valued at approximately $2,628,831.80. This represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,257 shares of company stock worth $2,487,927. Insiders own 17.80% of the company’s stock.

Institutional Trading of Incyte

Institutional investors have recently added to or reduced their stakes in the business. Czech National Bank boosted its stake in Incyte by 6.4% during the 2nd quarter. Czech National Bank now owns 39,271 shares of the biopharmaceutical company’s stock valued at $2,674,000 after purchasing an additional 2,378 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Incyte by 0.7% in the 1st quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company’s stock worth $12,954,000 after buying an additional 1,419 shares during the last quarter. Amalgamated Bank boosted its stake in shares of Incyte by 1.9% in the 1st quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company’s stock worth $1,910,000 after buying an additional 591 shares during the last quarter. OMNI 360 Wealth Inc. purchased a new position in shares of Incyte in the 2nd quarter worth $310,000. Finally, Asset Management One Co. Ltd. boosted its stake in shares of Incyte by 0.8% in the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company’s stock worth $5,451,000 after buying an additional 747 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Company Profile

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.