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

Incyte (NASDAQ:INCY) had its price objective upped by Wells Fargo & Company from $68.00 to $70.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the biopharmaceutical company’s stock.

Several other equities analysts have also weighed in on the stock. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Friday, December 13th. William Blair reiterated an “outperform” rating on shares of Incyte in a report on Friday, December 13th. JPMorgan Chase & Co. raised their target price on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. BMO Capital Markets reaffirmed an “underperform” rating and issued a $52.00 target price (up previously from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. Finally, JMP Securities reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. One 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $76.29.

Incyte Price Performance

Shares of INCY traded up $0.89 during mid-day trading on Thursday, hitting $67.95. 259,635 shares of the company traded hands, compared to its average volume of 2,326,117. Incyte has a one year low of $50.35 and a one year high of $83.95. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average of $72.36 and a 200 day moving average of $66.49. The stock has a market capitalization of $13.09 billion, a price-to-earnings ratio of 485.39, a PEG ratio of 8.36 and a beta of 0.69.

Incyte (NASDAQ:INCY) last released 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). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period last year, the company earned $0.91 earnings per share. Incyte’s revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, equities analysts expect that Incyte will post 0.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, insider Thomas Tray sold 650 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $69.31, for a total value of $45,051.50. Following the transaction, the insider now directly owns 23,312 shares of the company’s stock, valued at approximately $1,615,754.72. This trade represents a 2.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the transaction, the executive vice president now directly owns 30,658 shares in the company, valued at $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,023 shares of company stock valued at $839,711 in the last ninety days. 17.60% of the stock is currently owned by insiders.

Institutional Trading of Incyte

A number of large investors have recently added to or reduced their stakes in INCY. Raymond James & Associates increased its stake in shares of Incyte by 783.4% in the second quarter. Raymond James & Associates now owns 34,790 shares of the biopharmaceutical company’s stock worth $2,109,000 after purchasing an additional 30,852 shares in the last quarter. New York State Teachers Retirement System boosted its position 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 during the period. Catalyst Financial Partners LLC bought a new position in shares of Incyte in the second quarter valued at approximately $442,000. Allspring Global Investments Holdings LLC boosted its position in shares of Incyte by 122.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock valued at $54,116,000 after acquiring an additional 490,680 shares during the period. Finally, Cambiar Investors LLC boosted its position in shares of Incyte by 6.5% in the second quarter. Cambiar Investors LLC now owns 157,661 shares of the biopharmaceutical company’s stock valued at $9,557,000 after acquiring an additional 9,665 shares during the period. 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.