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

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They presently have a $140.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price objective would suggest a potential upside of 20.91% from the company’s previous close.

A number of other analysts have also weighed in on INCY. Oppenheimer reaffirmed a “market perform” rating and set a $107.00 target price on shares of Incyte in a report on Monday, June 8th. BMO Capital Markets boosted their price target on shares of Incyte from $94.00 to $112.00 and gave the company a “market perform” rating in a research report on Monday, July 13th. UBS Group upped their price target on shares of Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Sanford C. Bernstein initiated coverage on Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective on the stock. Finally, TD Cowen reissued a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Eight equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $109.95.

Incyte Stock Performance

Shares of INCY opened at $115.79 on Tuesday. Incyte has a 52-week low of $69.24 and a 52-week high of $119.60. The stock’s 50-day simple moving average is $106.00 and its 200 day simple moving average is $101.41. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The stock has a market capitalization of $23.13 billion, a price-to-earnings ratio of 16.35, a price-to-earnings-growth ratio of 1.06 and a beta of 0.76.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the firm earned $1.16 EPS. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. Research analysts forecast that Incyte will post 6.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in INCY. Nordea Investment Management AB grew its holdings in shares of Incyte by 941.8% during the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock worth $31,874,000 after acquiring an additional 291,293 shares during the period. Toth Financial Advisory Corp purchased a new position in shares of Incyte in the 4th quarter valued at approximately $1,213,000. Fairvoy Private Wealth LLC lifted its stake in shares of Incyte by 468.8% in the 4th quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock valued at $2,980,000 after purchasing an additional 24,865 shares during the period. SG Americas Securities LLC boosted its position in shares of Incyte by 627.8% during the fourth quarter. SG Americas Securities LLC now owns 186,790 shares of the biopharmaceutical company’s stock valued at $18,449,000 after purchasing an additional 161,124 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its stake in Incyte by 11.5% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 210,097 shares of the biopharmaceutical company’s stock worth $20,719,000 after purchasing an additional 21,735 shares during the period. 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.