Incyte (NASDAQ:INCY) Given New $128.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised Incyte’s price target from $116 to $128 while maintaining an “equal weight” rating, implying 5.48% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $126.15; individual targets range as high as $155.
• Incyte reported strong quarterly results, posting $3.09 in EPS and $1.67 billion in revenue, beating estimates and generating year-over-year revenue growth of 37.7%.

Incyte (NASDAQ:INCY - Get Free Report) had its target price raised by research analysts at Wells Fargo & Company from $116.00 to $128.00 in a report released on Thursday, Benzinga reports. The firm currently has an "equal weight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's price target points to a potential upside of 5.48% from the company's previous close.

A number of other research firms also recently weighed in on INCY. BMO Capital Markets reaffirmed a "market perform" rating on shares of Incyte in a research report on Tuesday, September 1st. Truist Financial increased their price target on Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a research note on Monday, June 22nd. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a research report on Tuesday, July 28th. Leerink Partners lifted their target price on Incyte from $131.00 to $155.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. Finally, Wall Street Zen upgraded Incyte from a "hold" rating to a "buy" rating in a research note on Saturday, September 12th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $126.15.

Incyte Stock Performance

NASDAQ INCY opened at $121.35 on Thursday. The business has a 50 day simple moving average of $123.85 and a 200 day simple moving average of $109.12. Incyte has a 52-week low of $82.82 and a 52-week high of $132.60. The stock has a market cap of $24.60 billion, a price-to-earnings ratio of 15.46, a PEG ratio of 3.58 and a beta of 0.77.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the business posted $1.57 earnings per share. The firm's quarterly revenue was up 37.7% on a year-over-year basis. On average, analysts predict that Incyte will post 2.64 EPS for the current year.

Insider Transactions at Incyte

In related news, insider Pablo Cagnoni sold 10,801 shares of Incyte stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the transaction, the insider directly owned 183,200 shares of the company's stock, valued at $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the business's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the transaction, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. QRG Capital Management Inc. lifted its position in shares of Incyte by 21.4% during the second quarter. QRG Capital Management Inc. now owns 13,350 shares of the biopharmaceutical company's stock valued at $1,513,000 after purchasing an additional 2,352 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Incyte by 17.5% in the second quarter. Sequoia Financial Advisors LLC now owns 19,250 shares of the biopharmaceutical company's stock valued at $2,182,000 after purchasing an additional 2,873 shares during the period. Tidal Investments LLC raised its position in shares of Incyte by 33.4% in the second quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company's stock valued at $11,657,000 after purchasing an additional 25,768 shares during the period. WINTON GROUP Ltd lifted its stake in shares of Incyte by 47.0% during the 2nd quarter. WINTON GROUP Ltd now owns 254,408 shares of the biopharmaceutical company's stock valued at $28,840,000 after buying an additional 81,376 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of Incyte by 69.5% during the 2nd quarter. NewEdge Advisors LLC now owns 34,605 shares of the biopharmaceutical company's stock valued at $3,923,000 after buying an additional 14,189 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte's marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.

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