HC Wainwright Reiterates Buy Rating for Incyte (NASDAQ:INCY)

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research report issued on Wednesday,Benzinga reports. They presently have a $135.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price objective would indicate a potential upside of 48.97% from the company’s current price.

INCY has been the subject of several other reports. Barclays reiterated an “overweight” rating on shares of Incyte in a research report on Tuesday. Royal Bank Of Canada decreased their price objective on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a report on Wednesday, February 11th. The Goldman Sachs Group reissued a “neutral” rating and issued a $90.00 price objective on shares of Incyte in a research report on Thursday, January 8th. Stifel Nicolaus upped their target price on shares of Incyte from $119.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Finally, Wall Street Zen downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus target price of $103.44.

Incyte Trading Up 0.2%

INCY opened at $90.62 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. The stock’s 50 day moving average price is $99.84 and its 200-day moving average price is $96.97. Incyte has a one year low of $53.56 and a one year high of $112.29. The stock has a market cap of $18.03 billion, a price-to-earnings ratio of 14.14, a P/E/G ratio of 0.72 and a beta of 0.84.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. Incyte’s revenue was up 27.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.43 earnings per share. On average, equities analysts forecast that Incyte will post 4.86 EPS for the current year.

Insider Transactions at Incyte

In other news, EVP Mohamed Khairie Issa sold 10,856 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were 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 approximately $7,213,017.24. The trade was a 14.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the completion of the sale, the insider directly owned 234,800 shares of the company’s stock, valued at $22,127,552. The trade was a 7.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Incyte

Institutional investors have recently bought and sold shares of the business. AustralianSuper Pty Ltd purchased a new stake in shares of Incyte during the 3rd quarter worth $18,085,000. Rakuten Investment Management Inc. bought a new stake in Incyte during the third quarter valued at about $14,646,000. LBP AM SA grew its stake in Incyte by 33.6% in the third quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company’s stock valued at $20,245,000 after purchasing an additional 59,974 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Incyte by 38.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company’s stock worth $32,873,000 after purchasing an additional 108,645 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Incyte by 28.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 106,789 shares of the biopharmaceutical company’s stock worth $9,309,000 after purchasing an additional 23,954 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

About Incyte

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.