Incyte’s (INCY) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Incyte (NASDAQ:INCY) in a report published on Tuesday morning,Benzinga reports. HC Wainwright currently has a $152.00 target price on the biopharmaceutical company’s stock.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. upped their price target on shares of Incyte from $120.00 to $123.00 and gave the stock a “neutral” rating in a research report on Monday, September 28th. Benchmark reiterated a “buy” rating on shares of Incyte in a research note on Tuesday. Weiss Ratings raised shares of Incyte from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Royal Bank Of Canada boosted their price objective on shares of Incyte from $109.00 to $114.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 8th. Finally, UBS Group reissued a “neutral” rating and issued a $127.00 price objective on shares of Incyte in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and thirteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $128.20.

Incyte Price Performance

INCY stock opened at $113.27 on Tuesday. The business has a 50-day moving average price of $122.11 and a 200 day moving average price of $110.75. The company has a market capitalization of $22.96 billion, a P/E ratio of 14.05, a PEG ratio of 3.78 and a beta of 0.74. Incyte has a 1-year low of $84.02 and a 1-year high of $132.60.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.57 earnings per share. On average, analysts anticipate that Incyte will post 2.40 earnings per share for the current fiscal year.

Insider Activity

In other Incyte news, EVP Patrick Mayes sold 41,899 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the transaction, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 10,801 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the sale, the insider directly owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Incyte during the second quarter valued at approximately $2,044,189,000. Legal & General Group Plc purchased a new position in Incyte in the second quarter worth $182,054,000. Caisse de depot et placement du Quebec purchased a new position in Incyte in the second quarter worth $155,360,000. Deutsche Bank AG acquired a new position in shares of Incyte during the second quarter worth $143,172,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Incyte during the second quarter worth $110,279,000. Institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.