HC Wainwright Reaffirms Buy Rating for Incyte (NASDAQ:INCY)

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $135.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price objective would indicate a potential upside of 46.33% from the company’s current price.

INCY has been the topic of several other reports. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $90.00 target price on shares of Incyte in a research report on Thursday, January 8th. Stifel Nicolaus upped their price target on shares of Incyte from $119.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Weiss Ratings lowered shares of Incyte from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, March 17th. Wells Fargo & Company lowered their price target on Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 11th. Finally, Piper Sandler raised their price objective on shares of Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Incyte currently has an average rating of “Hold” and a consensus price target of $104.89.

Incyte Price Performance

INCY opened at $92.26 on Wednesday. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average price is $99.30 and its 200 day moving average price is $96.91. Incyte has a fifty-two week low of $53.56 and a fifty-two week high of $112.29. The firm has a market cap of $18.36 billion, a price-to-earnings ratio of 14.39, a price-to-earnings-growth ratio of 0.73 and a beta of 0.84.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.96 by ($0.16). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The firm’s revenue for the quarter was up 27.8% compared to the same quarter last year. During the same period last year, the company posted $1.43 earnings per share. As a group, sell-side analysts expect that Incyte will post 4.86 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $94.24, for a total value of $1,759,178.08. Following the completion of the sale, the insider owned 234,800 shares in the company, valued at $22,127,552. This represents a 7.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the company’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total value of $1,184,063.92. Following the transaction, the executive vice president directly owned 66,132 shares in the company, valued at $7,213,017.24. The trade was a 14.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 17.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Incyte

Hedge funds have recently modified their holdings of the stock. Jacobi Capital Management LLC boosted its holdings in Incyte by 0.9% during the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock valued at $1,048,000 after purchasing an additional 99 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in Incyte by 0.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock worth $1,864,000 after buying an additional 100 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in Incyte by 7.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after buying an additional 113 shares during the last quarter. Bank of Nova Scotia increased its holdings in shares of Incyte by 0.7% during the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after buying an additional 124 shares in the last quarter. Finally, MAI Capital Management increased its holdings in shares of Incyte by 19.9% during the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock worth $51,000 after buying an additional 125 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

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.