Incyte (NASDAQ:INCY) Research Coverage Started at Canaccord Genuity Group

Canaccord Genuity Group began coverage on shares of Incyte (NASDAQ:INCY) in a report issued on Thursday morning, Marketbeat reports. The firm issued a buy rating and a $152.00 price objective on the biopharmaceutical company’s stock.

Several other research analysts have also recently commented on INCY. Oppenheimer restated a “market perform” rating and issued a $120.00 target price on shares of Incyte in a research report on Tuesday, July 28th. Morgan Stanley set a $119.00 price target on Incyte in a report on Wednesday, July 29th. UBS Group boosted their price objective on Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. BMO Capital Markets increased their price objective on Incyte from $112.00 to $130.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Finally, Guggenheim increased their price objective on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Twelve analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $123.10.

Incyte Price Performance

Shares of INCY opened at $127.81 on Thursday. The business’s fifty day moving average price is $116.17 and its 200 day moving average price is $104.17. Incyte has a 12-month low of $81.09 and a 12-month high of $132.60. The stock has a market capitalization of $25.91 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last posted its quarterly 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. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the business posted $1.57 EPS. The company’s quarterly revenue was up 37.7% on a year-over-year basis. As a group, research analysts anticipate that Incyte will post 2.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president directly owned 61,441 shares in the company, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction that occurred on 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. This represents a 5.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently modified their holdings of INCY. Fiduciary Financial Advisors bought a new stake in shares of Incyte during the 2nd quarter worth $26,000. Elyxium Wealth LLC acquired a new position in shares of Incyte in the 4th quarter worth $28,000. Smithfield Trust Co raised its position in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 162 shares during the period. MUFG Securities EMEA plc acquired a new stake in shares of Incyte during the second quarter worth $32,000. Finally, CYBER HORNET ETFs LLC purchased a new stake in shares of Incyte during the second quarter valued at $33,000. Institutional investors and hedge funds 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.