Incyte (NASDAQ:INCY) Given New $157.00 Price Target at Stifel Nicolaus

Incyte (NASDAQ:INCY) had its price target upped by Stifel Nicolaus from $145.00 to $157.00 in a research report sent to investors on Monday, MarketBeat.com reports. They currently have a buy rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also commented on INCY. Guggenheim upped their price target on shares of Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Sanford C. Bernstein reissued a “market perform” rating and issued a $104.00 price target on shares of Incyte in a report on Thursday, August 13th. Benchmark restated a “buy” rating on shares of Incyte in a research report on Thursday, August 20th. HC Wainwright upped their price objective on shares of Incyte from $150.00 to $152.00 and gave the company a “buy” rating in a research note on Monday, September 28th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $109.00 target price on shares of Incyte in a report on Tuesday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $127.45.

Incyte Price Performance

INCY opened at $114.13 on Monday. The stock’s 50 day simple moving average is $123.71 and its 200 day simple moving average is $109.59. The firm has a market cap of $23.13 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 3.50 and a beta of 0.74. Incyte has a 1 year low of $82.82 and a 1 year high of $132.60.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share 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 revenue was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.57 earnings per share. As a group, sell-side analysts anticipate that Incyte will post 2.52 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of Incyte

Several institutional investors and hedge funds have recently bought and sold shares of INCY. CX Institutional boosted its position in Incyte by 20.2% during the 3rd quarter. CX Institutional now owns 57,737 shares of the biopharmaceutical company’s stock valued at $7,006,000 after acquiring an additional 9,703 shares in the last quarter. Private Client Services LLC bought a new position in shares of Incyte in the 3rd quarter worth approximately $377,000. QRG Capital Management Inc. lifted its stake in shares of Incyte by 21.4% in the 2nd quarter. QRG Capital Management Inc. now owns 13,350 shares of the biopharmaceutical company’s stock valued at $1,513,000 after purchasing an additional 2,352 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Incyte by 17.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 19,250 shares of the biopharmaceutical company’s stock valued at $2,182,000 after purchasing an additional 2,873 shares during the period. Finally, Tidal Investments LLC lifted its stake in shares of Incyte by 33.4% in the 2nd quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company’s stock valued at $11,657,000 after purchasing an additional 25,768 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.