Incyte (NASDAQ:INCY) Now Covered by Analysts at Wolfe Research

Research analysts at Wolfe Research began coverage on shares of Incyte (NASDAQ:INCY) in a report issued on Tuesday, Marketbeat.com reports. The firm set an “outperform” rating and a $84.00 price target on the biopharmaceutical company’s stock. Wolfe Research’s price target points to a potential upside of 24.21% from the company’s previous close.

Several other analysts also recently weighed in on INCY. Royal Bank of Canada reiterated a “sector perform” rating and set a $67.00 target price on shares of Incyte in a research report on Tuesday, September 3rd. Deutsche Bank Aktiengesellschaft raised their price target on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Bank of America raised their price target on Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. BMO Capital Markets restated an “underperform” rating and set a $48.00 price target (down previously from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. Finally, Citigroup raised their price target on Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Incyte has an average rating of “Hold” and an average price target of $73.83.

Incyte Stock Performance

NASDAQ:INCY opened at $67.63 on Tuesday. The stock’s fifty day moving average is $64.39 and its 200 day moving average is $60.14. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $70.36. The firm has a market capitalization of $15.19 billion, a PE ratio of 20.49, a PEG ratio of 5.17 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the company posted $0.77 EPS. The business’s quarterly revenue was up 9.3% on a year-over-year basis. On average, sell-side analysts anticipate that Incyte will post 0.66 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the transaction, the executive vice president now directly owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The sale was disclosed in a filing with the SEC, which is available at this link. In other Incyte news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction 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 approximately $1,562,485.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the sale, the executive vice president now directly owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,047 shares of company stock valued at $2,225,626. 17.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of INCY. MFA Wealth Advisors LLC purchased a new position in Incyte during the second quarter worth approximately $26,000. Redmont Wealth Advisors LLC purchased a new position in shares of Incyte during the 1st quarter worth $28,000. Riverview Trust Co acquired a new position in shares of Incyte during the 1st quarter valued at about $29,000. Fidelis Capital Partners LLC acquired a new position in shares of Incyte during the 1st quarter valued at about $32,000. Finally, Innealta Capital LLC acquired a new position in shares of Incyte during the 2nd quarter valued at about $32,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.