Incyte (NASDAQ:INCY) Research Coverage Started at HC Wainwright

HC Wainwright started coverage on shares of Incyte (NASDAQ:INCY) in a report published on Thursday, MarketBeat reports. The firm issued a buy rating and a $135.00 price objective on the biopharmaceutical company’s stock.

INCY has been the subject of several other research reports. Wall Street Zen raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. Wells Fargo & Company restated an “equal weight” rating and issued a $107.00 price target (down from $116.00) on shares of Incyte in a research report on Tuesday, January 20th. Truist Financial set a $103.00 price target on Incyte in a research report on Wednesday, December 24th. Oppenheimer cut Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 8th. Finally, Zacks Research cut shares of Incyte from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Nine investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $103.29.

Incyte Stock Up 5.5%

INCY stock opened at $108.39 on Thursday. Incyte has a 1 year low of $53.56 and a 1 year high of $112.29. The firm has a market cap of $21.28 billion, a PE ratio of 18.16, a PEG ratio of 0.65 and a beta of 0.82. The company has a fifty day simple moving average of $101.69 and a 200 day simple moving average of $93.14. The company has a current ratio of 3.20, a quick ratio of 3.13 and a debt-to-equity ratio of 0.01.

Insider Buying and Selling

In other Incyte news, EVP Mohamed Khairie Issa sold 10,856 shares of the stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the sale, the executive vice president directly owned 66,132 shares in the company, valued at $7,213,017.24. This represents a 14.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Thomas Tray sold 2,774 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $100.00, for a total transaction of $277,400.00. Following the completion of the transaction, the insider owned 22,973 shares of the company’s stock, valued at $2,297,300. The trade was a 10.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 95,225 shares of company stock worth $9,519,745 in the last quarter. Insiders own 17.80% of the company’s stock.

Institutional Investors Weigh In On Incyte

Large investors have recently modified their holdings of the business. NewEdge Advisors LLC raised its holdings in shares of Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after buying an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp increased its position in Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after purchasing an additional 648 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Incyte by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after purchasing an additional 48,751 shares during the last quarter. United Services Automobile Association acquired a new stake in Incyte in the first quarter valued at approximately $219,000. Finally, Focus Partners Wealth grew its stake in shares of Incyte by 74.1% during the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after buying an additional 8,951 shares during the last quarter. Institutional investors and hedge funds 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.