Incyte (NASDAQ:INCY) Price Target Raised to $128.00

Incyte (NASDAQ:INCY) had its price target increased by Wells Fargo & Company from $116.00 to $128.00 in a report published on Thursday,Benzinga reports. The firm currently has an equal weight rating on the biopharmaceutical company’s stock.

Several other equities analysts have also issued reports on INCY. Leerink Partners raised their price objective on Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. JPMorgan Chase & Co. lifted their target price on Incyte from $120.00 to $123.00 and gave the stock a “neutral” rating in a research report on Monday, September 28th. BMO Capital Markets reissued a “market perform” rating on shares of Incyte in a report on Tuesday, September 1st. Benchmark reissued a “buy” rating on shares of Incyte in a research report on Thursday, August 20th. Finally, Barclays raised their price target on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $126.15.

Incyte Trading Down 1.6%

Shares of NASDAQ:INCY opened at $115.30 on Thursday. The firm has a 50 day simple moving average of $123.81 and a 200-day simple moving average of $109.33. Incyte has a twelve month low of $82.82 and a twelve month high of $132.60. The company has a market capitalization of $23.37 billion, a PE ratio of 14.69, a P/E/G ratio of 3.50 and a beta of 0.74.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates 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 last year, the firm posted $1.57 EPS. The company’s revenue was up 37.7% on a year-over-year basis. As a group, equities research analysts predict that Incyte will post 2.52 EPS for the current fiscal year.

Insider Activity

In related news, insider Pablo Cagnoni sold 10,801 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the transaction, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This trade represents a 40.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of INCY. CX Institutional raised its stake in shares of Incyte by 20.2% during the third quarter. CX Institutional now owns 57,737 shares of the biopharmaceutical company’s stock worth $7,006,000 after purchasing an additional 9,703 shares during the last quarter. Private Client Services LLC purchased a new position in Incyte in the 3rd quarter valued at $377,000. QRG Capital Management Inc. increased its stake in Incyte by 21.4% in the 2nd quarter. QRG Capital Management Inc. now owns 13,350 shares of the biopharmaceutical company’s stock valued at $1,513,000 after buying an additional 2,352 shares during the period. Sequoia Financial Advisors LLC increased its stake in Incyte by 17.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 19,250 shares of the biopharmaceutical company’s stock valued at $2,182,000 after buying an additional 2,873 shares during the period. Finally, Tidal Investments LLC increased its stake in Incyte by 33.4% in the 2nd quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company’s stock valued at $11,657,000 after buying an additional 25,768 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.