Incyte (NASDAQ:INCY) Upgraded at StockNews.com

StockNews.com upgraded shares of Incyte (NASDAQ:INCY) from a buy rating to a strong-buy rating in a report issued on Thursday morning.

A number of other research firms have also recently commented on INCY. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and increased their target price for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. Truist Financial reiterated a “hold” rating and issued a $74.00 price objective (down previously from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. BMO Capital Markets restated an “underperform” rating and set a $52.00 price target (up previously from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. Royal Bank of Canada increased their price objective on shares of Incyte from $72.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. raised their price target on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $77.16.

Incyte Stock Performance

Incyte stock opened at $75.45 on Thursday. The company has a market cap of $14.54 billion, a PE ratio of 538.93, a price-to-earnings-growth ratio of 8.48 and a beta of 0.71. Incyte has a twelve month low of $50.35 and a twelve month high of $83.95. The company’s 50-day moving average price is $70.58 and its 200-day moving average price is $64.99. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the company earned $0.91 earnings per share. Incyte’s revenue was up 23.8% on a year-over-year basis. On average, equities research analysts forecast that Incyte will post 0.4 EPS for the current fiscal year.

Insider Activity at Incyte

In other news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The trade was a 2.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 3,680 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the sale, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $4,624,786.56. The trade was a 5.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,702 shares of company stock worth $856,166. 17.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INCY. MFA Wealth Advisors LLC acquired a new position in shares of Incyte during the second quarter worth approximately $26,000. Brooklyn Investment Group bought a new stake in shares of Incyte during the third quarter worth approximately $30,000. Innealta Capital LLC bought a new stake in Incyte in the second quarter valued at approximately $32,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Incyte in the third quarter valued at approximately $33,000. Finally, Itau Unibanco Holding S.A. bought a new stake in Incyte in the second quarter valued at approximately $36,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

About Incyte

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.