Wells Fargo & Company Forecasts Strong Price Appreciation for Incyte (NASDAQ:INCY) Stock

Incyte (NASDAQ:INCY) had its target price hoisted by equities research analysts at Wells Fargo & Company from $62.00 to $68.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s price target would suggest a potential downside of 8.26% from the stock’s current price.

Several other equities analysts have also recently commented on the stock. Citigroup raised their price target on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. JMP Securities reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. Oppenheimer raised their price target on shares of Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday. Royal Bank of Canada raised their price target on shares of Incyte from $67.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. raised their price target on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $76.74.

Incyte Stock Up 0.3 %

INCY stock opened at $74.12 on Wednesday. The company has a market cap of $14.28 billion, a price-to-earnings ratio of 22.46, a PEG ratio of 5.31 and a beta of 0.73. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. Incyte has a 12 month low of $50.27 and a 12 month high of $74.68. The firm has a 50-day moving average of $65.80 and a two-hundred day moving average of $61.68.

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 firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.77 EPS. As a group, analysts forecast that Incyte will post 0.66 earnings per share for the current fiscal year.

Insider Activity at Incyte

In related news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s 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 sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Incyte by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock worth $1,294,120,000 after acquiring an additional 196,440 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Incyte by 28.0% during the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock worth $215,833,000 after acquiring an additional 779,243 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Incyte by 0.5% in the 2nd quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock valued at $167,911,000 after buying an additional 15,115 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Incyte by 17,460.4% in the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after buying an additional 2,676,851 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of Incyte by 70.5% in the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after buying an additional 1,101,041 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

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.