Incyte (NASDAQ:INCY) Rating Increased to Strong-Buy at StockNews.com

Incyte (NASDAQ:INCY) was upgraded by equities research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Thursday.

Other research analysts also recently issued reports about the stock. Wolfe Research began coverage on shares of Incyte in a research note on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. William Blair reissued an “outperform” rating on shares of Incyte in a report on Monday, September 9th. BMO Capital Markets reaffirmed an “underperform” rating and issued a $52.00 price objective (up previously from $48.00) on shares of Incyte in a report on Wednesday, October 30th. Finally, Citigroup increased their price objective on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Incyte has an average rating of “Hold” and a consensus target price of $77.16.

Incyte Price Performance

Shares of INCY stock opened at $75.45 on Thursday. The company has a market capitalization 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. The firm has a fifty day simple moving average of $70.41 and a 200-day simple moving average of $64.92. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. Incyte has a twelve month low of $50.35 and a twelve month high of $83.95.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data 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 net margin of 0.80% and a negative return on equity of 0.63%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the company earned $0.91 earnings per share. The company’s revenue was up 23.8% compared to the same quarter last year. Equities research analysts anticipate that Incyte will post 0.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Thomas Tray sold 572 shares of the firm’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 transaction, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This trade represents a 2.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 36,390 shares in the company, valued at approximately $2,269,280.40. The trade was a 18.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,702 shares of company stock worth $856,166 over the last ninety days. 17.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Incyte

A number of institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC raised its position in shares of Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after purchasing an additional 779,243 shares during the period. LSV Asset Management raised its position in shares of Incyte by 0.5% in the second quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock valued at $167,911,000 after purchasing an additional 15,115 shares during the period. Pacer Advisors Inc. raised its position in shares of Incyte by 17,460.4% in the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after purchasing an additional 2,676,851 shares during the period. AQR Capital Management LLC raised its position in shares of Incyte by 70.5% in the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after purchasing an additional 1,101,041 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of Incyte in the third quarter valued at approximately $156,611,000. Institutional investors 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.