Incyte (NASDAQ:INCY) Stock Rating Upgraded by Wall Street Zen

Incyte (NASDAQ:INCY) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

A number of other research firms also recently commented on INCY. HC Wainwright reiterated a “buy” rating and issued a $150.00 price target on shares of Incyte in a research note on Thursday, August 20th. Royal Bank Of Canada upped their price objective on Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 29th. Guggenheim increased their target price on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Mizuho increased their target price on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Finally, Citigroup reiterated a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Incyte presently has an average rating of “Moderate Buy” and a consensus price target of $123.10.

Incyte Price Performance

NASDAQ INCY opened at $124.37 on Friday. Incyte has a 12 month low of $81.09 and a 12 month high of $132.60. The company has a market capitalization of $25.21 billion, a price-to-earnings ratio of 15.84, a price-to-earnings-growth ratio of 3.91 and a beta of 0.76. The company’s fifty day moving average price is $118.99 and its two-hundred day moving average price is $104.99.

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, topping the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period last year, the business earned $1.57 EPS. As a group, analysts anticipate that Incyte will post 2.64 EPS for the current year.

Insider Activity

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction dated 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 owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. 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 transaction, the executive vice president directly owned 61,441 shares in the company, valued at $7,339,741.86. This represents a 40.54% decrease in their position. 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. Insiders own 16.20% of the company’s stock.

Hedge Funds Weigh In On Incyte

Institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System lifted its holdings in shares of Incyte by 11,644.8% in the 2nd quarter. California State Teachers Retirement System now owns 28,338,640 shares of the biopharmaceutical company’s stock worth $3,212,468,000 after purchasing an additional 28,097,353 shares during the last quarter. BlackRock Inc. acquired a new stake in Incyte in the second quarter worth $2,044,189,000. Geode Capital Management LLC increased its position in Incyte by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after buying an additional 506,842 shares during the period. Wellington Management Group LLP lifted its stake in Incyte by 9.5% in the second quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock valued at $405,321,000 after buying an additional 309,385 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Incyte by 13.2% in the fourth quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after buying an additional 405,611 shares during the last quarter. 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.