Incyte (NASDAQ:INCY) Price Target Raised to $128.00

Incyte (NASDAQ:INCY) had its price objective upped by TD Cowen from $101.00 to $128.00 in a report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.

INCY has been the subject of several other research reports. Oppenheimer downgraded shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 8th. Wells Fargo & Company lifted their price objective on shares of Incyte from $97.00 to $116.00 and gave the company an “overweight” rating in a research note on Monday, December 8th. Zacks Research downgraded Incyte from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. Morgan Stanley lifted their price target on Incyte from $92.00 to $94.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 6th. Finally, Guggenheim raised Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a report on Monday, November 3rd. Ten research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $101.31.

Incyte Stock Performance

NASDAQ:INCY opened at $105.24 on Tuesday. The company has a market capitalization of $20.66 billion, a P/E ratio of 17.63, a P/E/G ratio of 0.64 and a beta of 0.82. The business has a fifty day simple moving average of $102.21 and a two-hundred day simple moving average of $89.10. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13. Incyte has a 1 year low of $53.56 and a 1 year high of $112.29.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.61. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the prior year, the company earned $1.07 EPS. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, analysts expect that Incyte will post 4.86 earnings per share for the current year.

Insider Buying and Selling 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 stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the completion of the transaction, the executive vice president owned 66,132 shares of the company’s stock, valued at approximately $7,213,017.24. The trade was a 14.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael James Morrissey sold 54,008 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the completion of the transaction, the executive vice president owned 31,830 shares in the company, valued at approximately $3,096,740.70. This trade represents a 62.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 98,897 shares of company stock valued at $9,869,376 over the last 90 days. Insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently bought and sold shares of INCY. Czech National Bank increased its position in shares of Incyte by 6.4% during the 2nd quarter. Czech National Bank now owns 39,271 shares of the biopharmaceutical company’s stock valued at $2,674,000 after purchasing an additional 2,378 shares during the last quarter. denkapparat Operations GmbH boosted its stake in Incyte by 46.1% in the second quarter. denkapparat Operations GmbH now owns 11,292 shares of the biopharmaceutical company’s stock worth $769,000 after buying an additional 3,564 shares in the last quarter. Callan Family Office LLC bought a new position in Incyte during the second quarter valued at approximately $636,000. Hussman Strategic Advisors Inc. grew its position in Incyte by 20.0% during the second quarter. Hussman Strategic Advisors Inc. now owns 63,000 shares of the biopharmaceutical company’s stock valued at $4,290,000 after acquiring an additional 10,500 shares during the last quarter. Finally, Burney Co. purchased a new position in shares of Incyte during the third quarter worth approximately $1,883,000. Hedge funds and other institutional investors 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.