Incyte (NASDAQ:INCY) Rating Increased to Buy at Wall Street Zen

Incyte (NASDAQ:INCY - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

Several other research firms have also commented on INCY. Leerink Partners lifted their price target on Incyte from $131.00 to $155.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Morgan Stanley set a $119.00 price objective on Incyte in a research note on Wednesday, July 29th. Citigroup reiterated a "buy" rating on shares of Incyte in a report on Monday, August 3rd. UBS Group boosted their target price on Incyte from $103.00 to $113.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Finally, Weiss Ratings upgraded Incyte from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Incyte presently has an average rating of "Moderate Buy" and an average target price of $123.10.

Incyte Stock Down 2.6%

INCY stock opened at $124.37 on Friday. Incyte has a 52 week low of $81.09 and a 52 week high of $132.60. The company has a fifty day simple moving average of $118.99 and a two-hundred day simple moving average of $105.01. The firm has a market capitalization of $25.21 billion, a P/E ratio of 15.84, a price-to-earnings-growth ratio of 4.01 and a beta of 0.76.

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. The business had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business's revenue was up 37.7% on a year-over-year basis. During the same period last year, the company posted $1.57 EPS. As a group, analysts anticipate that Incyte will post 2.64 EPS for the current year.

Insider Buying and Selling

In other news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction that occurred 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 sale, the executive vice president owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the sale, the insider owned 183,200 shares of the company's stock, valued at $23,002,592. The trade was a 5.57% 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. Company insiders own 16.20% of the company's stock.

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently bought and sold shares of INCY. California State Teachers Retirement System increased its stake in shares of Incyte by 11,644.8% during the second quarter. California State Teachers Retirement System now owns 28,338,640 shares of the biopharmaceutical company's stock valued at $3,212,468,000 after buying an additional 28,097,353 shares during the period. BlackRock Inc. bought a new stake in shares of Incyte in the second quarter valued at about $2,044,189,000. Geode Capital Management LLC lifted its stake in Incyte by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company's stock worth $491,500,000 after acquiring an additional 506,842 shares during the period. Wellington Management Group LLP lifted its stake in Incyte by 9.5% in the second quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company's stock worth $405,321,000 after acquiring an additional 309,385 shares during the period. Finally, Invesco Ltd. grew its holdings in Incyte by 13.2% during the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company's stock worth $343,105,000 after acquiring an additional 405,611 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

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.

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