Incyte (NASDAQ:INCY) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Incyte (NASDAQ:INCY) from a buy rating to a strong-buy rating in a research report report published on Tuesday morning.

Other analysts have also recently issued reports about the company. Royal Bank of Canada restated a “sector perform” rating and set a $70.00 price target on shares of Incyte in a report on Thursday, January 23rd. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Friday, January 10th. Morgan Stanley raised their price objective on Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their price objective on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Bank of America raised Incyte from a “neutral” rating to a “buy” rating and lifted their target price for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Incyte currently has a consensus rating of “Hold” and an average target price of $75.71.

Incyte Stock Up 0.5 %

Shares of NASDAQ INCY opened at $74.12 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. Incyte has a 52 week low of $50.35 and a 52 week high of $83.95. The stock has a market capitalization of $14.28 billion, a P/E ratio of 529.47, a PEG ratio of 0.54 and a beta of 0.70. The stock’s fifty day moving average is $71.83 and its 200 day moving average is $68.93.

Insider Buying and Selling at Incyte

In related news, insider Thomas Tray sold 650 shares of Incyte stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $69.31, for a total transaction of $45,051.50. Following the completion of the transaction, the insider now directly owns 23,312 shares of the company’s stock, valued at approximately $1,615,754.72. The trade was a 2.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction of $897,866.88. Following the transaction, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at approximately $4,867,831.23. This represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,695 shares of company stock worth $1,444,356. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Large investors have recently made changes to their positions in the company. Orion Portfolio Solutions LLC purchased a new position in shares of Incyte during the 3rd quarter worth about $770,000. CWA Asset Management Group LLC purchased a new stake in Incyte in the 4th quarter valued at about $1,933,000. Greenwood Capital Associates LLC purchased a new stake in Incyte in the 3rd quarter valued at about $433,000. Tri Ri Asset Management Corp purchased a new stake in Incyte in the 3rd quarter valued at about $3,292,000. Finally, Cypress Capital Group purchased a new stake in Incyte in the 3rd quarter valued at about $971,000. 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.