Wells Fargo & Company Raises Incyte (NASDAQ:INCY) Price Target to $68.00

Incyte (NASDAQ:INCY) had its target price boosted by Wells Fargo & Company from $62.00 to $68.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an equal weight rating on the biopharmaceutical company’s stock.

INCY has been the topic of a number of other research reports. Truist Financial reiterated a “hold” rating and issued a $74.00 target price (down previously from $83.00) on shares of Incyte in a report on Wednesday, September 18th. The Goldman Sachs Group lifted their price objective on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and increased their target price for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. Oppenheimer lifted their price target on shares of Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Wolfe Research began coverage on shares of Incyte in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 price objective for the company. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $76.74.

Incyte Trading Up 2.7 %

NASDAQ INCY opened at $76.13 on Wednesday. The company has a 50-day moving average of $66.04 and a 200-day moving average of $61.90. 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 has a 12 month low of $50.35 and a 12 month high of $76.33. The company has a market cap of $14.67 billion, a P/E ratio of 543.82, a P/E/G ratio of 6.49 and a beta of 0.71.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same period last year, the company posted $0.91 EPS. As a group, equities analysts predict that Incyte will post 0.52 earnings per share for the current year.

Insider Buying and Selling at Incyte

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

Hedge Funds Weigh In On Incyte

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