Incyte (NASDAQ:INCY) Price Target Raised to $155.00

Incyte (NASDAQ:INCY) had its price target lifted by Leerink Partners from $131.00 to $155.00 in a research note released on Monday, MarketBeat reports. Leerink Partners currently has an outperform rating on the biopharmaceutical company’s stock.

A number of other research analysts have also recently issued reports on the company. TD Cowen reiterated a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Weiss Ratings raised Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. HC Wainwright raised their price target on Incyte from $140.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. BMO Capital Markets lifted their price target on Incyte from $112.00 to $130.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Finally, Guggenheim upped their price target on shares of Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Ten equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $120.40.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $119.80 on Monday. Incyte has a fifty-two week low of $76.45 and a fifty-two week high of $132.60. The company has a 50 day simple moving average of $110.89 and a two-hundred day simple moving average of $102.52. The company has a market capitalization of $24.28 billion, a price-to-earnings ratio of 15.26, a P/E/G ratio of 3.87 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.57 EPS. On average, analysts forecast that Incyte will post 2.58 earnings per share for the current fiscal year.

Insider Activity at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of INCY. NewEdge Advisors LLC boosted its holdings in shares of Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock valued at $763,000 after acquiring an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Incyte by 15.1% in the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after acquiring an additional 648 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Incyte by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after purchasing an additional 48,751 shares during the last quarter. United Services Automobile Association purchased a new position in shares of Incyte during the first quarter valued at approximately $219,000. Finally, Focus Partners Wealth lifted its position in Incyte by 74.1% during the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after purchasing an additional 8,951 shares during the period. 96.97% of the stock is owned by institutional investors.

About Incyte

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.