Incyte (NASDAQ:INCY) Raised to “Buy” at Bank of America

Bank of America upgraded shares of Incyte (NASDAQ:INCY) from a neutral rating to a buy rating in a report issued on Tuesday morning, Marketbeat Ratings reports. Bank of America currently has $90.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $68.00.

A number of other equities analysts have also recently commented on the stock. Citigroup lifted their price objective on shares of Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Oppenheimer lowered their price target on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. William Blair reissued an “outperform” rating on shares of Incyte in a research report on Monday, September 9th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $67.00 price target on shares of Incyte in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $76.74.

Incyte Stock Up 2.7 %

Incyte stock opened at $76.13 on Tuesday. Incyte has a fifty-two week low of $50.35 and a fifty-two week high of $76.33. The firm has a market capitalization of $14.67 billion, a PE ratio of 543.79, a P/E/G ratio of 6.57 and a beta of 0.73. The company’s 50-day moving average is $66.04 and its 200-day moving average is $61.84. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.84.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the business earned $0.91 earnings per share. The business’s quarterly revenue was up 23.8% on a year-over-year basis. Sell-side analysts anticipate that Incyte will post 0.51 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently made changes to their positions in INCY. Vanguard Group Inc. increased its position in Incyte by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock valued at $1,294,120,000 after purchasing an additional 196,440 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Incyte by 28.0% in the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after purchasing an additional 779,243 shares during the last quarter. LSV Asset Management increased its position in shares of Incyte by 0.5% during the second quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock worth $167,911,000 after buying an additional 15,115 shares during the period. Pacer Advisors Inc. raised its stake in Incyte by 17,460.4% during the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after buying an additional 2,676,851 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Incyte by 70.5% in the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after buying an additional 1,101,041 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.