Leerink Partners Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its target price boosted by stock analysts at Leerink Partners from $131.00 to $155.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Leerink Partners’ price target would indicate a potential upside of 29.69% from the stock’s previous close.

Other research analysts have also issued reports about the company. Stifel Nicolaus set a $145.00 price objective on Incyte in a research report on Tuesday, July 28th. Weiss Ratings upgraded Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Guggenheim boosted their price target on Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday. Morgan Stanley set a $119.00 price objective on shares of Incyte in a research report on Wednesday. Finally, Royal Bank Of Canada boosted their target price on shares of Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a research report on Wednesday. Nine research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average target price of $119.60.

Incyte Price Performance

Shares of Incyte stock opened at $119.52 on Monday. The stock has a market capitalization of $24.23 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 3.96 and a beta of 0.76. Incyte has a twelve month low of $73.81 and a twelve month high of $132.60. The company has a 50-day simple moving average of $109.54 and a two-hundred day simple moving average of $102.21.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business’s quarterly revenue was up 37.7% on a year-over-year basis. During the same period last year, the company earned $1.57 earnings per share. On average, sell-side analysts anticipate that Incyte will post 2.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Incyte

Several hedge funds and other institutional investors have recently made changes to their positions in INCY. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Incyte by 11.5% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 210,097 shares of the biopharmaceutical company’s stock valued at $20,719,000 after acquiring an additional 21,735 shares in the last quarter. Twin Capital Management Inc. purchased a new stake in Incyte in the 1st quarter valued at about $875,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Incyte by 5,218.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after buying an additional 585,618 shares during the last quarter. Sector Gamma AS increased its position in shares of Incyte by 6.7% during the fourth quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock valued at $21,609,000 after acquiring an additional 13,669 shares during the last quarter. Finally, GC Wealth Management RIA LLC purchased a new position in Incyte in the fourth quarter worth $1,629,000. 96.97% of the stock is owned by institutional investors.

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.