Incyte (NASDAQ:INCY) Cut to Equal Weight at Wells Fargo & Company

Wells Fargo & Company downgraded shares of Incyte (NASDAQ:INCY) from an overweight rating to an equal weight rating in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. They currently have $107.00 target price on the biopharmaceutical company’s stock, down from their prior target price of $116.00.

INCY has been the topic of several other research reports. Barclays increased their price objective on Incyte from $101.00 to $115.00 and gave the stock an “overweight” rating in a research note on Monday, November 24th. Truist Financial set a $103.00 price target on Incyte in a research report on Wednesday, December 24th. Weiss Ratings restated a “hold (c+)” rating on shares of Incyte in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. Finally, Piper Sandler raised their target price on shares of Incyte from $82.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $100.75.

Incyte Trading Up 0.4%

INCY stock opened at $105.06 on Tuesday. Incyte has a 12 month low of $53.56 and a 12 month high of $112.29. The firm’s 50-day moving average is $102.03 and its 200 day moving average is $90.37. The company has a market capitalization of $20.63 billion, a PE ratio of 17.60, a P/E/G ratio of 0.63 and a beta of 0.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.61. The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.26 billion. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.07 EPS. On average, research analysts anticipate that Incyte will post 4.86 EPS for the current year.

Insider Buying and Selling at Incyte

In other news, EVP Michael James Morrissey sold 4,323 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $97.26, for a total value of $420,454.98. Following the sale, the executive vice president directly owned 27,507 shares in the company, valued at approximately $2,675,330.82. This trade represents a 13.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sheila A. Denton sold 598 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total transaction of $60,613.28. Following the transaction, the executive vice president owned 26,569 shares of the company’s stock, valued at approximately $2,693,033.84. This trade represents a 2.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 98,897 shares of company stock valued at $9,869,376. 17.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Legacy Trust grew its stake in Incyte by 2.1% during the 4th quarter. Legacy Trust now owns 36,127 shares of the biopharmaceutical company’s stock worth $3,568,000 after buying an additional 746 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in Incyte in the fourth quarter worth about $598,000. Greenleaf Trust grew its stake in shares of Incyte by 12.9% during the fourth quarter. Greenleaf Trust now owns 3,252 shares of the biopharmaceutical company’s stock worth $321,000 after acquiring an additional 372 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Incyte by 9.3% during the fourth quarter. Signaturefd LLC now owns 3,366 shares of the biopharmaceutical company’s stock valued at $332,000 after acquiring an additional 287 shares in the last quarter. Finally, Savvy Advisors Inc. increased its holdings in shares of Incyte by 2.6% during the fourth quarter. Savvy Advisors Inc. now owns 5,339 shares of the biopharmaceutical company’s stock valued at $527,000 after acquiring an additional 133 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.