Wells Fargo & Company Boosts Incyte (NASDAQ:INCY) Price Target to $70.00

Incyte (NASDAQ:INCY) had its price target boosted by research analysts at Wells Fargo & Company from $68.00 to $70.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 1.69% from the company’s previous close.

INCY has been the topic of a number of other reports. Wolfe Research assumed coverage on Incyte in a research report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 target price on the stock. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $68.00 to $90.00 in a report on Tuesday, October 29th. JMP Securities reiterated a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. Oppenheimer raised their price target on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, William Blair reaffirmed an “outperform” rating on shares of Incyte in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $76.29.

Incyte Stock Up 2.7 %

Shares of NASDAQ:INCY opened at $68.84 on Thursday. The company has a market capitalization of $13.26 billion, a price-to-earnings ratio of 491.75, a price-to-earnings-growth ratio of 8.36 and a beta of 0.69. The company has a 50 day moving average of $72.42 and a two-hundred day moving average of $66.56. Incyte has a 52-week low of $50.35 and a 52-week high of $83.95. 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 released its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share 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 firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the business posted $0.91 earnings per share. Incyte’s revenue for the quarter was up 23.8% on a year-over-year basis. As a group, analysts forecast that Incyte will post 0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, insider Thomas Tray sold 650 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $70.64, for a total value of $45,916.00. Following the completion of the transaction, the insider now owns 23,962 shares in the company, valued at approximately $1,692,675.68. This represents a 2.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Barry P. Flannelly sold 3,680 shares of the firm’s stock in a transaction that occurred on 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 owns 58,042 shares in the company, valued at $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 have sold 11,023 shares of company stock valued at $839,711. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INCY. Raymond James & Associates grew its position in Incyte by 783.4% in the 2nd quarter. Raymond James & Associates now owns 34,790 shares of the biopharmaceutical company’s stock valued at $2,109,000 after buying an additional 30,852 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in shares of Incyte by 4.1% in the second quarter. New York State Teachers Retirement System now owns 211,984 shares of the biopharmaceutical company’s stock valued at $12,850,000 after acquiring an additional 8,335 shares in the last quarter. Catalyst Financial Partners LLC acquired a new position in shares of Incyte during the second quarter valued at approximately $442,000. Allspring Global Investments Holdings LLC raised its holdings in Incyte by 122.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after purchasing an additional 490,680 shares in the last quarter. Finally, Cambiar Investors LLC raised its holdings in Incyte by 6.5% during the second quarter. Cambiar Investors LLC now owns 157,661 shares of the biopharmaceutical company’s stock worth $9,557,000 after purchasing an additional 9,665 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

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.