Incyte (NASDAQ:INCY) Coverage Initiated at HC Wainwright

Research analysts at HC Wainwright started coverage on shares of Incyte (NASDAQ:INCY) in a research report issued on Thursday, MarketBeat.com reports. The firm set a “buy” rating and a $135.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price target would indicate a potential upside of 24.55% from the company’s current price.

Several other equities analysts also recently commented on the company. Piper Sandler boosted their price objective on Incyte from $82.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Wells Fargo & Company reiterated an “equal weight” rating and set a $107.00 price objective (down previously from $116.00) on shares of Incyte in a research report on Tuesday, January 20th. Stifel Nicolaus set a $119.00 price objective on Incyte in a research note on Monday, January 5th. JPMorgan Chase & Co. increased their target price on shares of Incyte from $73.00 to $89.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Incyte in a report on Thursday, January 22nd. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $103.29.

Incyte Trading Up 5.5%

NASDAQ:INCY opened at $108.39 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13. The company’s 50-day simple moving average is $101.69 and its 200 day simple moving average is $92.97. Incyte has a one year low of $53.56 and a one year high of $112.29. The firm has a market capitalization of $21.28 billion, a P/E ratio of 18.16, a PEG ratio of 0.62 and a beta of 0.82.

Insider Activity at Incyte

In other news, EVP Michael James Morrissey sold 4,323 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total value of $420,454.98. Following the transaction, the executive vice president owned 27,507 shares in the company, valued at $2,675,330.82. This trade represents a 13.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Steven H. Stein sold 20,105 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total value of $2,060,963.55. Following the completion of the sale, the executive vice president owned 63,129 shares of the company’s stock, valued at $6,471,353.79. This trade represents a 24.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 95,225 shares of company stock worth $9,519,745 in the last ninety days. 17.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INCY. Elyxium Wealth LLC acquired a new stake in Incyte during the 4th quarter worth $28,000. Harbor Capital Advisors Inc. purchased a new position in Incyte in the third quarter worth $26,000. Root Financial Partners LLC purchased a new position in Incyte in the third quarter valued at about $28,000. Quent Capital LLC purchased a new stake in Incyte during the third quarter worth $30,000. Finally, Leonteq Securities AG purchased a new stake in shares of Incyte in the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

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.