Incyte (NASDAQ:INCY) Upgraded to “Strong-Buy” at StockNews.com

StockNews.com upgraded shares of Incyte (NASDAQ:INCY) from a buy rating to a strong-buy rating in a report released on Tuesday morning.

A number of other brokerages have also recently commented on INCY. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $70.00 price target on shares of Incyte in a research report on Thursday, January 23rd. The Goldman Sachs Group raised their price objective on shares of Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price objective on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Citigroup raised 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. Finally, BMO Capital Markets reaffirmed an “underperform” rating and set a $52.00 target price (up previously from $48.00) on shares of Incyte in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $75.71.

Incyte Stock Down 0.4 %

Shares of NASDAQ INCY opened at $74.95 on Tuesday. Incyte has a one year low of $50.35 and a one year high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The business’s fifty day moving average price is $71.81 and its 200-day moving average price is $69.04. The stock has a market capitalization of $14.44 billion, a PE ratio of 535.40, a P/E/G ratio of 0.54 and a beta of 0.70.

Insider Transactions at Incyte

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the transaction, the executive vice president now directly owns 66,967 shares in the company, valued at approximately $4,867,831.23. This trade represents a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas Tray sold 650 shares of the company’s stock in a transaction on 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 directly owns 23,962 shares in the company, valued at $1,692,675.68. This trade represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,695 shares of company stock worth $1,444,356 over the last quarter. 17.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Incyte

Several large investors have recently bought and sold shares of INCY. Quintet Private Bank Europe S.A. purchased a new position in shares of Incyte in the 4th quarter valued at $26,000. Global X Japan Co. Ltd. boosted its stake in Incyte by 144.7% in the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 230 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Incyte during the third quarter worth about $30,000. R Squared Ltd acquired a new stake in shares of Incyte during the fourth quarter worth about $30,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Incyte in the 3rd quarter valued at about $33,000. Hedge funds and other 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.