StockNews.com Upgrades Incyte (NASDAQ:INCY) to Strong-Buy

Incyte (NASDAQ:INCY) was upgraded by stock analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Thursday.

INCY has been the topic of several other research reports. Truist Financial restated a “hold” rating and set a $74.00 price target (down previously from $83.00) on shares of Incyte in a report on Wednesday, September 18th. Guggenheim upped their price target on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, September 16th. JMP Securities restated a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a report on Monday, September 16th. Finally, Royal Bank of Canada increased their price objective on Incyte from $67.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Incyte presently has an average rating of “Hold” and a consensus price target of $76.74.

Incyte Price Performance

INCY opened at $76.13 on Thursday. The stock’s 50-day moving average price is $66.04 and its 200 day moving average price is $61.84. The company has a current ratio of 1.87, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. Incyte has a 12-month low of $50.35 and a 12-month high of $76.33. The firm has a market cap of $14.67 billion, a price-to-earnings ratio of 543.79, a PEG ratio of 6.57 and a beta of 0.73.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter last year, the company earned $0.91 EPS. Incyte’s revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, sell-side analysts expect that Incyte will post 0.51 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.60% of the stock is currently owned by company insiders.

Institutional Trading of Incyte

A number of hedge funds have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP acquired a new stake in shares of Incyte in the 3rd quarter valued at approximately $45,000. JB Capital LLC lifted its holdings in shares of Incyte by 2.5% in the 3rd quarter. JB Capital LLC now owns 46,628 shares of the biopharmaceutical company’s stock valued at $3,082,000 after buying an additional 1,150 shares during the period. Greenwood Capital Associates LLC acquired a new stake in shares of Incyte in the 3rd quarter valued at approximately $433,000. Forum Financial Management LP acquired a new stake in shares of Incyte in the 3rd quarter valued at approximately $232,000. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Incyte by 5.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock valued at $83,680,000 after buying an additional 70,596 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

About Incyte

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.