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 research note released on Thursday morning.

Several other analysts have also recently weighed in on INCY. Guggenheim boosted their price objective on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. William Blair reissued an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. The Goldman Sachs Group raised their price objective on Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada boosted their price target on shares of Incyte from $72.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $77.16.

Incyte Price Performance

Shares of INCY opened at $74.59 on Thursday. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The stock has a market cap of $14.37 billion, a PE ratio of 532.82, a PEG ratio of 8.60 and a beta of 0.71. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95. The business has a 50-day simple moving average of $70.76 and a two-hundred day simple moving average of $65.22.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (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 business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the business earned $0.91 EPS. The firm’s quarterly revenue was up 23.8% compared to the same quarter last year. Analysts anticipate that Incyte will post 0.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at $1,562,485.50. This trade represents a 2.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 18.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,702 shares of company stock worth $856,166. Corporate insiders own 17.60% of the company’s stock.

Institutional Trading of Incyte

Several institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC increased its stake in Incyte by 28.0% in the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after buying an additional 779,243 shares during the last quarter. LSV Asset Management boosted its position in Incyte by 0.5% in the second quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock worth $167,911,000 after purchasing an additional 15,115 shares during the last quarter. Pacer Advisors Inc. grew its stake in 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 purchasing an additional 2,676,851 shares during the period. AQR Capital Management LLC increased its position in shares of Incyte by 70.5% during 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 purchasing an additional 1,101,041 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Incyte during the 3rd quarter valued at $156,611,000. Institutional investors own 96.97% of the company’s stock.

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.