Incyte (NASDAQ:INCY) Receives Buy Rating from HC Wainwright

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They currently have a $135.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s target price would suggest a potential upside of 40.71% from the company’s current price.

INCY has been the topic of a number of other reports. TD Cowen reaffirmed a “buy” rating on shares of Incyte in a research note on Tuesday, January 13th. Wall Street Zen lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. Truist Financial set a $103.00 price target on shares of Incyte in a research report on Wednesday, December 24th. The Goldman Sachs Group reiterated a “neutral” rating and set a $90.00 price target on shares of Incyte in a report on Thursday, January 8th. Finally, Stifel Nicolaus lifted their price objective on Incyte from $119.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Ten research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $104.00.

Incyte Price Performance

Incyte stock opened at $95.94 on Monday. The stock’s 50 day moving average is $102.28 and its 200 day moving average is $96.32. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. The firm has a market cap of $19.09 billion, a P/E ratio of 14.97, a P/E/G ratio of 0.76 and a beta of 0.84. Incyte has a one year low of $53.56 and a one year high of $112.29.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). Incyte had a net margin of 25.03% and a return on equity of 26.34%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the company posted $1.43 EPS. The business’s revenue for the quarter was up 27.8% compared to the same quarter last year. As a group, research analysts expect that Incyte will post 4.86 EPS for the current year.

Insider Activity at Incyte

In related news, EVP Mohamed Khairie Issa sold 10,856 shares of the stock in a transaction on 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 transaction, the executive vice president directly owned 66,132 shares of the company’s stock, valued at $7,213,017.24. This represents a 14.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael James Morrissey sold 54,008 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the completion of the sale, the executive vice president owned 31,830 shares of the company’s stock, valued at $3,096,740.70. The trade was a 62.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 72,561 shares of company stock worth $7,195,307 in the last quarter. Company insiders own 17.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. bought a new stake in shares of Incyte during the third quarter valued at approximately $26,000. Root Financial Partners LLC bought a new position in shares of Incyte in the 3rd quarter worth $28,000. Elyxium Wealth LLC acquired a new stake in Incyte in the 4th quarter valued at $28,000. Smithfield Trust Co grew its position in Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares during the period. Finally, Quent Capital LLC bought a new stake in Incyte during the 3rd quarter valued at $30,000. 96.97% of the stock is owned by institutional investors and hedge funds.

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.