Incyte (NASDAQ:INCY) Stock Price Expected to Rise, Piper Sandler Analyst Says

Incyte (NASDAQ:INCY) had its price objective upped by equities researchers at Piper Sandler from $82.00 to $102.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. Piper Sandler’s target price suggests a potential downside of 0.18% from the company’s current price.

A number of other analysts have also issued reports on INCY. Wall Street Zen upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday. UBS Group reiterated a “neutral” rating and set a $68.00 price objective (up previously from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Incyte in a research note on Wednesday, October 8th. Wells Fargo & Company boosted their price objective on shares of Incyte from $89.00 to $97.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Finally, Truist Financial reiterated a “hold” rating and issued a $93.00 price objective (up previously from $79.00) on shares of Incyte in a report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus price target of $92.77.

Incyte Stock Up 0.6%

Shares of INCY traded up $0.61 during midday trading on Tuesday, reaching $102.18. 1,446,016 shares of the company were exchanged, compared to its average volume of 1,915,235. The stock has a 50-day moving average price of $86.64 and a 200-day moving average price of $75.28. The company has a market cap of $20.06 billion, a price-to-earnings ratio of 17.12, a P/E/G ratio of 0.70 and a beta of 0.73. Incyte has a 1-year low of $53.56 and a 1-year high of $103.86. The company has a current ratio of 3.20, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01.

Institutional Investors Weigh In On Incyte

Several institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC raised its position in shares of Incyte by 92.3% during the 1st quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company’s stock worth $405,787,000 after purchasing an additional 3,233,356 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Incyte by 701.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,730,648 shares of the biopharmaceutical company’s stock valued at $185,957,000 after purchasing an additional 2,390,084 shares during the period. Norges Bank acquired a new stake in shares of Incyte in the second quarter valued at approximately $96,776,000. Pacer Advisors Inc. increased its stake in shares of Incyte by 8,091.6% in the third quarter. Pacer Advisors Inc. now owns 1,248,642 shares of the biopharmaceutical company’s stock valued at $105,897,000 after purchasing an additional 1,233,399 shares during the period. Finally, Marshall Wace LLP acquired a new stake in shares of Incyte in the second quarter valued at approximately $82,485,000. 96.97% of the stock is owned by institutional investors and hedge funds.

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.