Incyte (NASDAQ:INCY) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Incyte (NASDAQ:INCY) from a hold rating to a buy rating in a report published on Saturday morning,Wall Street Zen reports.

A number of other equities research analysts have also issued reports on INCY. Mizuho boosted their target price on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Sanford C. Bernstein reissued a “market perform” rating and set a $104.00 target price on shares of Incyte in a research note on Thursday, August 13th. Canaccord Genuity Group started coverage on Incyte in a research note on Thursday, August 20th. They issued a “buy” rating and a $152.00 price target for the company. Benchmark restated a “buy” rating on shares of Incyte in a report on Thursday, August 20th. Finally, BMO Capital Markets restated a “market perform” rating on shares of Incyte in a research note on Tuesday, September 1st. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and thirteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $124.05.

Incyte Stock Performance

NASDAQ:INCY opened at $121.47 on Friday. The company has a market capitalization of $24.62 billion, a price-to-earnings ratio of 15.47, a price-to-earnings-growth ratio of 3.53 and a beta of 0.77. The stock has a 50-day simple moving average of $121.80 and a 200 day simple moving average of $106.66. Incyte has a one year low of $81.09 and a one year high of $132.60.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business’s revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.57 earnings per share. On average, equities research analysts forecast that Incyte will post 2.64 EPS for the current fiscal year.

Insider Activity at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Greenleaf Trust lifted its stake in shares of Incyte by 2.8% in the second quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company’s stock valued at $381,000 after buying an additional 93 shares during the period. Jacobi Capital Management LLC grew its holdings in shares of Incyte by 0.9% during the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after purchasing an additional 99 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Incyte by 0.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after purchasing an additional 100 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Incyte by 7.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock valued at $161,000 after purchasing an additional 113 shares in the last quarter. Finally, Bank of Nova Scotia raised its stake in shares of Incyte by 0.7% in the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after purchasing an additional 124 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.