Incyte (NASDAQ:INCY) Stock Price Expected to Rise, HC Wainwright Analyst Says

Key Points

• HC Wainwright raised Incyte’s price target from $150 to $152 and maintained a “buy” rating, implying 22.69% potential upside. Analysts overall give the stock a “Moderate Buy” consensus with an average target of $124.15.
• Incyte reported quarterly EPS of $3.09, beating estimates of $2.15, while revenue reached $1.67 billion versus the $1.50 billion consensus and increased 37.7% year over year.
• Institutional ownership is high at 96.97%, with BlackRock initiating a stake worth approximately $2.04 billion; meanwhile, two insiders sold shares under pre-arranged Rule 10b5-1 trading plans.

Incyte (NASDAQ:INCY - Get Free Report) had its target price boosted by equities researchers at HC Wainwright from $150.00 to $152.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. HC Wainwright's price target points to a potential upside of 22.69% from the stock's previous close.

INCY has been the subject of a number of other research reports. Citigroup reaffirmed a "buy" rating on shares of Incyte in a research report on Monday, August 3rd. Truist Financial lifted their target price on Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a research report on Monday, June 22nd. Benchmark reissued a "buy" rating on shares of Incyte in a research report on Thursday, August 20th. Oppenheimer reaffirmed a "market perform" rating and set a $120.00 price target on shares of Incyte in a research report on Tuesday, July 28th. Finally, Sanford C. Bernstein reissued a "market perform" rating and issued a $104.00 target price on shares of Incyte in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $124.15.

Incyte Price Performance

INCY opened at $123.89 on Monday. The company has a market capitalization of $25.11 billion, a price-to-earnings ratio of 15.78, a P/E/G ratio of 3.60 and a beta of 0.77. The business's 50-day moving average price is $123.43 and its two-hundred day moving average price is $108.51. Incyte has a 1 year low of $81.78 and a 1 year high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (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 the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.Incyte's quarterly revenue was up 37.7% on a year-over-year basis. During the same period last year, the company earned $1.57 earnings per share. Sell-side analysts anticipate that Incyte will post 2.64 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider owned 183,200 shares in the company, valued at $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the sale, the executive vice president directly 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 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 hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Incyte during the second quarter worth about $2,044,189,000. Geode Capital Management LLC increased its holdings in Incyte by 11.3% in the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company's stock valued at $491,500,000 after buying an additional 506,842 shares during the period. Wellington Management Group LLP raised its position in shares of Incyte by 9.5% in the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company's stock valued at $405,321,000 after buying an additional 309,385 shares in the last quarter. Los Angeles Capital Management LLC raised its position in shares of Incyte by 30.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,288,874 shares of the biopharmaceutical company's stock valued at $211,927,000 after buying an additional 527,703 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Incyte by 10.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company's stock valued at $185,873,000 after purchasing an additional 187,354 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte's commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.

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