HC Wainwright Reiterates “Buy” Rating for Incyte (NASDAQ:INCY)

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a report issued on Wednesday,Benzinga reports. They currently have a $140.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price target would indicate a potential upside of 34.10% from the stock’s previous close.

A number of other research analysts have also recently weighed in on INCY. TD Cowen restated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Oppenheimer reiterated a “market perform” rating and issued a $107.00 price objective on shares of Incyte in a research report on Monday, June 8th. Citigroup reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, June 2nd. Weiss Ratings upgraded shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Finally, Sanford C. Bernstein initiated coverage on shares of Incyte in a research report on Thursday, May 21st. They set a “market perform” rating and a $99.00 target price for the company. Eight analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to data from MarketBeat, Incyte currently has an average rating of “Hold” and an average price target of $106.90.

Incyte Trading Up 0.7%

NASDAQ INCY opened at $104.40 on Wednesday. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $20.86 billion, a P/E ratio of 14.75, a P/E/G ratio of 1.00 and a beta of 0.79. Incyte has a 52-week low of $66.83 and a 52-week high of $112.29. The firm has a 50-day moving average price of $98.49 and a 200 day moving average price of $98.98.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.Incyte’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.16 earnings per share. Equities research analysts expect that Incyte will post 6.66 EPS for the current year.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Institutional Trading of Incyte

Several institutional investors and hedge funds have recently made changes to their positions in INCY. AustralianSuper Pty Ltd acquired a new position in Incyte in the 3rd quarter worth $18,085,000. Nordea Investment Management AB raised its position in shares of Incyte by 941.8% in the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock valued at $31,874,000 after purchasing an additional 291,293 shares in the last quarter. Toth Financial Advisory Corp acquired a new position in shares of Incyte in the 4th quarter valued at approximately $1,213,000. Fairvoy Private Wealth LLC boosted its stake in shares of Incyte by 468.8% during the 4th quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock valued at $2,980,000 after buying an additional 24,865 shares during the last quarter. Finally, Citigroup Inc. boosted its stake in shares of Incyte by 187.1% during the 3rd quarter. Citigroup Inc. now owns 560,028 shares of the biopharmaceutical company’s stock valued at $47,496,000 after buying an additional 364,946 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 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.