Incyte (NASDAQ:INCY) Upgraded by StockNews.com to “Strong-Buy” Rating

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

Several other equities analysts have also recently issued reports on INCY. Morgan Stanley boosted their target price on Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Guggenheim upped their price objective on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. increased their price objective on Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday. Citigroup boosted their target price on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Wolfe Research started coverage on shares of Incyte in a report on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $76.74.

Incyte Stock Performance

NASDAQ:INCY traded up $0.67 during midday trading on Thursday, reaching $74.79. The stock had a trading volume of 112,424 shares, compared to its average volume of 2,324,812. The company has a quick ratio of 1.84, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The stock has a market cap of $14.41 billion, a P/E ratio of 529.47, a P/E/G ratio of 6.57 and a beta of 0.73. The firm has a fifty day simple moving average of $65.80 and a two-hundred day simple moving average of $61.68. Incyte has a 12-month low of $50.35 and a 12-month high of $74.85.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The firm’s revenue was up 23.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.91 EPS. On average, equities analysts expect that Incyte will post 0.51 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at $2,269,280.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Thomas Tray sold 572 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the sale, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Incyte

A number of large investors have recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new position in Incyte in the 3rd quarter worth approximately $45,000. JB Capital LLC lifted its position in shares of Incyte by 2.5% during the third quarter. JB Capital LLC now owns 46,628 shares of the biopharmaceutical company’s stock worth $3,082,000 after purchasing an additional 1,150 shares in the last quarter. Greenwood Capital Associates LLC purchased a new position in shares of Incyte in the third quarter valued at $433,000. Forum Financial Management LP acquired a new stake in Incyte during the 3rd quarter valued at $232,000. Finally, Robeco Institutional Asset Management B.V. increased its stake in Incyte by 5.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock worth $83,680,000 after buying an additional 70,596 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.