Incyte (NASDAQ:INCY) Given Buy Rating at HC Wainwright

Incyte (NASDAQ:INCY - Get Free Report)'s stock had its "buy" rating restated by investment analysts at HC Wainwright in a note issued to investors on Tuesday, Benzinga reports. They presently have a $152.00 target price on the biopharmaceutical company's stock. HC Wainwright's price objective indicates a potential upside of 36.49% from the company's previous close.

Several other equities research analysts also recently issued reports on the stock. Oppenheimer reaffirmed a "market perform" rating and set a $120.00 price target on shares of Incyte in a research note on Tuesday, July 28th. Citigroup reaffirmed a "buy" rating on shares of Incyte in a research note on Monday, August 3rd. Mizuho lifted their price target on shares of Incyte from $121.00 to $137.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 4th. Canaccord Genuity Group assumed coverage on shares of Incyte in a research note on Thursday, August 20th. They set a "buy" rating and a $152.00 price target on the stock. Finally, Sanford C. Bernstein reaffirmed a "market perform" rating and set a $104.00 price target 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 issued a Buy rating and thirteen have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $127.70.

Incyte Trading Down 1.3%

Shares of INCY stock opened at $111.36 on Tuesday. The company's fifty day simple moving average is $122.61 and its 200-day simple moving average is $110.34. Incyte has a 52 week low of $82.82 and a 52 week high of $132.60. The company has a market cap of $22.57 billion, a PE ratio of 14.19, a P/E/G ratio of 3.60 and a beta of 0.74.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating 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 the consensus estimate of $1.50 billion. During the same quarter last year, the firm posted $1.57 EPS. The business's revenue for the quarter was up 37.7% compared to the same quarter last year. Equities research analysts expect that Incyte will post 2.40 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of Incyte 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 sale, the executive vice president owned 61,441 shares of the company's stock, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the firm's stock in a transaction 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 transaction, the insider directly owned 183,200 shares of the company's stock, valued at approximately $23,002,592. This represents a 5.57% 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

Several hedge funds have recently added to or reduced their stakes in INCY. BlackRock Inc. bought a new stake in shares of Incyte during the 2nd quarter worth about $2,044,189,000. Wellington Management Group LLP raised its position in shares of Incyte by 9.5% during the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company's stock worth $405,321,000 after buying an additional 309,385 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Incyte by 10.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company's stock worth $185,873,000 after buying an additional 187,354 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Incyte by 2.2% during the 1st quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company's stock worth $163,869,000 after buying an additional 37,790 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Incyte during the 2nd quarter worth about $182,054,000. 96.97% of the stock is owned by institutional investors and hedge funds.

About Incyte

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.