Incyte (NASDAQ:INCY) Earns Hold (C+) Rating from Weiss Ratings

Incyte (NASDAQ:INCY)‘s stock had its “hold (c+)” rating reissued by investment analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Several other equities research analysts have also weighed in on INCY. UBS Group reiterated a “neutral” rating and issued a $68.00 price objective (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Wells Fargo & Company raised Incyte from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $67.00 to $89.00 in a report on Wednesday, August 6th. Wall Street Zen raised Incyte from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Stifel Nicolaus increased their price target on Incyte from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Finally, Citigroup upped their price objective on shares of Incyte from $88.00 to $103.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. Five investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Incyte currently has a consensus rating of “Hold” and an average target price of $83.64.

Incyte Trading Down 2.1%

INCY stock opened at $85.38 on Wednesday. Incyte has a 1-year low of $53.56 and a 1-year high of $88.66. The firm has a market cap of $16.67 billion, a P/E ratio of 19.40, a P/E/G ratio of 0.68 and a beta of 0.73. The business’s 50 day moving average is $83.96 and its 200-day moving average is $71.27. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01.

Insider Transactions at Incyte

In other news, EVP Vijay K. Iyengar sold 1,177 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the transaction, the executive vice president directly owned 35,929 shares in the company, valued at $2,509,999.94. This represents a 3.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Steven H. Stein sold 14,952 shares of the stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following the transaction, the executive vice president owned 97,466 shares of the company’s stock, valued at approximately $6,673,497.02. This represents a 13.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,257 shares of company stock worth $2,487,927 in the last three months. Insiders own 17.80% of the company’s stock.

Institutional Investors Weigh In On Incyte

Hedge funds have recently bought and sold shares of the company. Banque Transatlantique SA acquired a new stake in Incyte during the first quarter worth approximately $26,000. FNY Investment Advisers LLC bought a new position in shares of Incyte during the second quarter worth approximately $27,000. MUFG Securities EMEA plc bought a new position in shares of Incyte during the second quarter worth approximately $32,000. CYBER HORNET ETFs LLC bought a new position in Incyte in the second quarter valued at approximately $33,000. Finally, Hilltop National Bank bought a new position in Incyte in the second quarter valued at approximately $37,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.