Wolfe Research Initiates Coverage on Incyte (NASDAQ:INCY)

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

Other research analysts have also recently issued research reports about the company. Truist Financial reiterated a hold rating and issued a $74.00 price target (down previously from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. JPMorgan Chase & Co. increased their target price on Incyte from $59.00 to $61.00 and gave the company a neutral rating in a research note on Wednesday, July 31st. Cantor Fitzgerald restated a neutral rating on shares of Incyte in a research note on Monday, September 16th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Incyte from $55.00 to $60.00 and gave the company a hold rating in a research note on Thursday, August 1st. Finally, Oppenheimer dropped their target price on shares of Incyte from $84.00 to $81.00 and set an outperform rating for the company in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Incyte has a consensus rating of Hold and an average price target of $73.83.

Incyte Stock Up 0.7 %

Shares of NASDAQ:INCY opened at $67.49 on Tuesday. The company has a 50 day moving average of $64.33 and a two-hundred day moving average of $60.26. 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. The company has a market capitalization of $15.15 billion, a price-to-earnings ratio of 20.45, a price-to-earnings-growth ratio of 5.17 and a beta of 0.73.

Incyte (NASDAQ:INCY) last released 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 return on equity of 0.75% and a net margin of 2.52%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the firm earned $0.77 EPS. The business’s quarterly revenue was up 9.3% on a year-over-year basis. As a group, analysts forecast that Incyte will post 0.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Barry P. Flannelly sold 1,306 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total transaction of $83,832.14. Following the completion of the transaction, the executive vice president now owns 58,042 shares of the company’s stock, valued at approximately $3,725,715.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $2,569,070. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 1,306 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total value of $83,832.14. Following the completion of the sale, the executive vice president now owns 58,042 shares in the company, valued at approximately $3,725,715.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock worth $2,225,626 in the last three months. 17.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

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.