HC Wainwright Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price target increased by HC Wainwright from $150.00 to $152.00 in a report issued on Monday, Marketbeat.com reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.

Several other research firms also recently issued reports on INCY. Sanford C. Bernstein reiterated a “market perform” rating and set a $104.00 price target on shares of Incyte in a research note on Thursday, August 13th. Barclays raised their price objective on Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Leerink Partners boosted their target price on Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Mizuho upped 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. Finally, TD Cowen upgraded Incyte to a “strong-buy” rating in a report on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $124.80.

Incyte Trading Up 0.8%

INCY stock opened at $124.82 on Monday. Incyte has a 1 year low of $82.52 and a 1 year high of $132.60. The company has a fifty day simple moving average of $123.62 and a 200 day simple moving average of $108.71. The firm has a market cap of $25.30 billion, a PE ratio of 15.90, a PEG ratio of 3.60 and a beta of 0.77.

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

Insider Activity

In related news, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president owned 61,441 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the sale, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in INCY. QRG Capital Management Inc. boosted its position in shares of Incyte by 21.4% in the second quarter. QRG Capital Management Inc. now owns 13,350 shares of the biopharmaceutical company’s stock valued at $1,513,000 after acquiring an additional 2,352 shares during the period. Sequoia Financial Advisors LLC grew its stake in shares of Incyte by 17.5% in the second quarter. Sequoia Financial Advisors LLC now owns 19,250 shares of the biopharmaceutical company’s stock worth $2,182,000 after acquiring an additional 2,873 shares during the last quarter. Tidal Investments LLC increased its position in Incyte by 33.4% during the second quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company’s stock worth $11,657,000 after acquiring an additional 25,768 shares during the period. WINTON GROUP Ltd increased its position in Incyte by 47.0% during the second quarter. WINTON GROUP Ltd now owns 254,408 shares of the biopharmaceutical company’s stock worth $28,840,000 after acquiring an additional 81,376 shares during the period. Finally, NewEdge Advisors LLC raised its stake in Incyte by 69.5% during the 2nd quarter. NewEdge Advisors LLC now owns 34,605 shares of the biopharmaceutical company’s stock valued at $3,923,000 after purchasing an additional 14,189 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

Incyte News Summary

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: The FDA approval of Atebrioz expands Incyte’s commercial opportunity into FOP. Approval was supported by clinical data showing a reduction in the volume of new heterotopic ossification lesions, potentially creating a new source of revenue and strengthening the company’s rare-disease pipeline. Incyte, Mirum’s Treatment of Rare Genetic Ossification Condition Approved by US FDA
• Positive Sentiment: H.C. Wainwright raised its Incyte price target to $152 from $150 and maintained a Buy rating. The firm cited the Atebrioz approval and additional upside from Incyte’s KRAS drug pipeline, implying substantial appreciation potential from recent trading levels. Incyte: Atebrioz Approval and KRAS Pipeline Upside Drive Buy Rating
• Neutral Sentiment: JPMorgan raised its price target to $123 from $120 but retained a Neutral rating. The revised target remains slightly below the stock’s recent trading level, indicating that the firm views the FDA approval as positive but believes much of the near-term benefit may already be reflected in the valuation.

About Incyte

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.