Incyte (NASDAQ:INCY) Earns Outperform Rating from Analysts at Wolfe Research

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

Several other equities research analysts have also commented on the company. Oppenheimer decreased their price target on Incyte from $84.00 to $81.00 and set an outperform rating on the stock in a research note on Friday, July 26th. JMP Securities reiterated a market perform rating on shares of Incyte in a research report on Tuesday, September 17th. JPMorgan Chase & Co. raised their price target on Incyte from $59.00 to $61.00 and gave the company a neutral rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Incyte from $55.00 to $60.00 and gave the stock a hold rating in a research report on Thursday, August 1st. Finally, Cantor Fitzgerald restated a neutral rating on shares of Incyte in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Incyte currently has an average rating of Hold and an average target price of $73.83.

Incyte Trading Up 0.7 %

NASDAQ:INCY opened at $67.49 on Tuesday. Incyte has a 1 year low of $50.27 and a 1 year high of $70.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The stock has a fifty day moving average price of $64.33 and a two-hundred day moving average price of $60.26. The stock has a market capitalization of $15.15 billion, a price-to-earnings ratio of 20.45, a PEG ratio of 5.17 and a beta of 0.73.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) 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 analysts’ expectations of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business’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, sell-side analysts anticipate that Incyte will post 0.66 earnings per share for the current fiscal year.

Insider Activity

In other Incyte news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Thomas Tray sold 572 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction on Thursday, September 12th. The shares were 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 in the company, valued at approximately $2,269,280.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock valued at $2,225,626 over the last quarter. Company insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of large investors have recently modified their holdings of INCY. MFA Wealth Advisors LLC purchased a new stake in shares of Incyte during the 2nd quarter worth about $26,000. Redmont Wealth Advisors LLC purchased a new stake in Incyte during the first quarter worth approximately $28,000. Riverview Trust Co acquired a new stake in shares of Incyte in the first quarter worth $29,000. Fidelis Capital Partners LLC purchased a new position in shares of Incyte in the 1st quarter valued at $32,000. Finally, Innealta Capital LLC purchased a new position in shares of Incyte in the 2nd quarter valued at $32,000. 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.