Incyte (NASDAQ:INCY) Price Target Raised to $128.00 at TD Cowen

Incyte (NASDAQ:INCY) had its price target raised by TD Cowen from $101.00 to $128.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. TD Cowen’s price target would suggest a potential upside of 22.07% from the company’s current price.

INCY has been the subject of several other reports. Guggenheim upgraded shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research report on Monday, November 3rd. Zacks Research downgraded Incyte from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. Piper Sandler boosted their price objective on shares of Incyte from $82.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. upped their price objective on shares of Incyte from $73.00 to $89.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th. Finally, Mizuho set a $121.00 price target on Incyte and gave the stock an “outperform” rating in a research note on Monday, December 8th. Ten analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Incyte presently has a consensus rating of “Hold” and an average target price of $101.31.

Incyte Price Performance

NASDAQ:INCY traded down $1.47 during trading hours on Tuesday, hitting $104.86. 723,735 shares of the company’s stock traded hands, compared to its average volume of 2,365,656. Incyte has a 52 week low of $53.56 and a 52 week high of $112.29. The business’s fifty day simple moving average is $102.20 and its two-hundred day simple moving average is $88.63. The company has a quick ratio of 3.13, a current ratio of 3.20 and a debt-to-equity ratio of 0.01. The firm has a market cap of $20.59 billion, a P/E ratio of 17.57, a P/E/G ratio of 0.65 and a beta of 0.82.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.61. The firm had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Incyte had a return on equity of 26.56% and a net margin of 24.69%.During the same quarter last year, the firm posted $1.07 EPS. The company’s revenue was up 20.0% compared to the same quarter last year. On average, research analysts anticipate that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, EVP Michael James Morrissey sold 54,008 shares of Incyte stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the completion of the transaction, the executive vice president directly owned 31,830 shares in the company, valued at approximately $3,096,740.70. This trade represents a 62.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total value of $1,184,063.92. Following the completion of the sale, the executive vice president owned 66,132 shares in the company, valued at $7,213,017.24. The trade was a 14.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 99,174 shares of company stock valued at $9,892,957. 17.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Incyte

A number of large investors have recently added to or reduced their stakes in the stock. Czech National Bank lifted its stake in shares of Incyte by 4.4% in the 4th quarter. Czech National Bank now owns 43,484 shares of the biopharmaceutical company’s stock worth $4,295,000 after purchasing an additional 1,824 shares during the period. DAVENPORT & Co LLC bought a new position in Incyte in the fourth quarter worth approximately $212,000. Pensionfund Sabic purchased a new position in shares of Incyte during the 4th quarter worth $988,000. E. Ohman J or Asset Management AB grew its holdings in Incyte by 190.2% during the fourth quarter. E. Ohman J or Asset Management AB now owns 6,384 shares of the biopharmaceutical company’s stock valued at $631,000 after purchasing an additional 4,184 shares during the period. Finally, Avanza Fonder AB purchased a new stake in Incyte in the fourth quarter worth about $290,000. Institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.