Bank of America Upgrades Incyte (NASDAQ:INCY) to “Buy”

Incyte (NASDAQ:INCY) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage presently has a $90.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $68.00. Bank of America‘s price target indicates a potential upside of 21.74% from the stock’s current price.

A number of other research firms have also recently commented on INCY. William Blair reissued an “outperform” rating on shares of Incyte in a report on Monday, September 9th. JPMorgan Chase & Co. boosted their price target on Incyte from $61.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Royal Bank of Canada reissued a “sector perform” rating and set a $67.00 price target on shares of Incyte in a report on Tuesday, September 3rd. BMO Capital Markets reissued an “underperform” rating and set a $48.00 price target (down previously from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. Finally, Wolfe Research began coverage on Incyte in a report on Tuesday, October 1st. They set 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 and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $76.74.

Incyte Price Performance

Incyte stock opened at $73.93 on Tuesday. The stock’s fifty day moving average price is $65.58 and its two-hundred day moving average price is $61.60. Incyte has a one year low of $50.27 and a one year high of $74.60. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. The firm has a market cap of $14.24 billion, a PE ratio of 22.40, a price-to-earnings-growth ratio of 5.31 and a beta of 0.73.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the business earned $0.77 EPS. Incyte’s revenue was up 9.3% on a year-over-year basis. As a group, research analysts expect that Incyte will post 0.66 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In other Incyte news, insider Thomas Tray sold 572 shares of the company’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 owns 24,825 shares in the company, valued at approximately $1,562,485.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas Tray sold 572 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.50% of the company’s stock.

Institutional Investors Weigh In On Incyte

Several institutional investors and hedge funds have recently made changes to their positions in INCY. FORVIS Wealth Advisors LLC acquired a new position in Incyte during the 1st quarter worth approximately $1,495,000. ProShare Advisors LLC raised its stake in Incyte by 14.4% during the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock worth $3,594,000 after buying an additional 7,925 shares during the period. Kennedy Capital Management LLC acquired a new position in Incyte during the 1st quarter worth approximately $463,000. Magnetar Financial LLC acquired a new position in Incyte during the 1st quarter worth approximately $1,817,000. Finally, Andra AP fonden raised its stake in Incyte by 35.2% during the 2nd quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock worth $15,022,000 after buying an additional 64,500 shares during the period. Institutional investors own 96.97% of the company’s stock.

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.