Incyte (NASDAQ:INCY) Earns Outperform Rating from Analysts at Wolfe Research

Wolfe Research began coverage on shares of Incyte (NASDAQ:INCY) in a report published on Tuesday, Marketbeat.com reports. The brokerage issued an outperform rating and a $84.00 price objective on the biopharmaceutical company’s stock.

Several other equities research analysts have also recently weighed in on INCY. Truist Financial reaffirmed a hold rating and issued a $74.00 price target (down from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. Citigroup boosted their price objective on shares of Incyte from $80.00 to $88.00 and gave the stock a buy rating in a research note on Wednesday, July 31st. Cantor Fitzgerald reaffirmed a neutral rating on shares of Incyte in a research note on Monday, September 16th. William Blair restated an outperform rating on shares of Incyte in a research note on Monday, September 9th. Finally, Oppenheimer lowered their price objective on Incyte from $84.00 to $81.00 and set an outperform rating for the company in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $73.83.

Incyte Price Performance

Shares of Incyte stock opened at $67.04 on Tuesday. The company has a market cap of $15.05 billion, a PE ratio of 20.32, a P/E/G ratio of 5.17 and a beta of 0.73. The business has a 50 day moving average of $64.36 and a 200 day moving average of $60.19. Incyte has a 52 week low of $50.27 and a 52 week high of $70.36. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the firm earned $0.77 EPS. Incyte’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, equities research analysts forecast that Incyte will post 0.66 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 8,148 shares of Incyte stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the transaction, the executive vice president now owns 50,534 shares in the company, valued at approximately $3,032,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Incyte news, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total value of $488,880.00. Following the completion of the sale, the executive vice president now owns 50,534 shares in the company, valued at $3,032,040. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 15,571 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the transaction, the executive vice president now directly owns 36,701 shares in the company, valued at approximately $2,569,070. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,047 shares of company stock valued at $2,225,626. Insiders own 17.50% of the company’s stock.

Institutional Trading of Incyte

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Deseret Mutual Benefit Administrators boosted its holdings in Incyte by 37.1% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after buying an additional 164 shares during the period. Moody National Bank Trust Division grew its position in shares of Incyte by 1.3% during the second quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock worth $861,000 after purchasing an additional 179 shares in the last quarter. Ballentine Partners LLC raised its stake in Incyte by 4.0% during the 2nd quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock valued at $287,000 after purchasing an additional 182 shares during the period. 180 Wealth Advisors LLC boosted its stake in Incyte by 4.5% in the 1st quarter. 180 Wealth Advisors LLC now owns 4,764 shares of the biopharmaceutical company’s stock worth $271,000 after purchasing an additional 204 shares during the period. Finally, Empirical Finance LLC grew its holdings in Incyte by 3.7% during the 1st quarter. Empirical Finance LLC now owns 6,395 shares of the biopharmaceutical company’s stock valued at $364,000 after buying an additional 230 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.