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

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

A number of other equities research analysts also recently weighed in on INCY. Royal Bank of Canada boosted their target price on Incyte from $72.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 14th. Oppenheimer upped their price objective on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. The Goldman Sachs Group upped their price objective on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. William Blair reiterated an “outperform” rating on shares of Incyte in a report on Monday, September 9th. Finally, Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and upped their price objective for the company from $68.00 to $90.00 in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $77.16.

Incyte Stock Performance

INCY opened at $75.45 on Thursday. The stock has a market cap of $14.54 billion, a PE ratio of 538.93, a P/E/G ratio of 8.48 and a beta of 0.71. 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 1 year low of $50.35 and a 1 year high of $83.95. The stock’s 50 day simple moving average is $70.41 and its 200-day simple moving average is $64.92.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. Incyte’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 EPS. Sell-side analysts forecast that Incyte will post 0.4 EPS for the current year.

Insider Transactions at Incyte

In other news, EVP Barry P. Flannelly sold 3,680 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the completion of the sale, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, 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 value 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. The trade was a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,702 shares of company stock valued at $856,166 over the last three months. Company insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Large investors have recently made changes to their positions in the company. MFA Wealth Advisors LLC bought a new position in shares of Incyte during the second quarter worth approximately $26,000. Brooklyn Investment Group bought a new position in Incyte during the 3rd quarter worth $30,000. Innealta Capital LLC bought a new position in Incyte during the 2nd quarter worth $32,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Incyte during the 3rd quarter worth $33,000. Finally, Itau Unibanco Holding S.A. bought a new position in Incyte during the 2nd quarter worth $36,000. 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.