Incyte (NASDAQ:INCY) Stock Rating Upgraded by TD Cowen

Key Points

• TD Cowen upgraded Incyte to “strong buy,” adding to a generally positive analyst outlook. The stock has an average “Moderate Buy” rating and a consensus price target of $123.10.
• Incyte reported quarterly EPS of $3.09, beating estimates of $2.15, while revenue reached $1.67 billion and increased 37.7% year over year.
• Shares opened at $127.98, near their 12-month high of $132.60; insiders recently sold shares under pre-arranged trading plans, while institutional investors own approximately 96.97% of the company.

Incyte (NASDAQ:INCY - Get Free Report) was upgraded by research analysts at TD Cowen to a "strong-buy" rating in a research note issued to investors on Monday,Zacks.com reports.

INCY has been the topic of a number of other reports. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a research note on Tuesday, July 28th. Leerink Partners upped their target price on shares of Incyte from $131.00 to $155.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. HC Wainwright reaffirmed a "buy" rating and issued a $150.00 price target on shares of Incyte in a research report on Thursday, August 20th. Benchmark reiterated a "buy" rating on shares of Incyte in a research note on Thursday. Finally, BMO Capital Markets boosted their price objective on Incyte from $112.00 to $130.00 and gave the stock a "market perform" 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 issued a Hold rating to the stock. Based on data from MarketBeat, Incyte currently has an average rating of "Moderate Buy" and an average target price of $123.10.

Incyte Stock Up 0.1%

Shares of NASDAQ:INCY opened at $127.98 on Monday. Incyte has a twelve month low of $81.09 and a twelve month high of $132.60. The stock's 50 day moving average is $116.69 and its 200-day moving average is $104.37. The firm has a market capitalization of $25.94 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 4.05 and a beta of 0.76.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results 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 company had revenue of $1.67 billion for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period last year, the business earned $1.57 EPS. Equities research analysts anticipate that Incyte will post 2.61 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following 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 sale 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 dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the transaction, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Incyte

A number of hedge funds have recently modified their holdings of the stock. Fiduciary Financial Advisors bought a new position in Incyte during the second quarter valued at $26,000. Elyxium Wealth LLC purchased a new stake in Incyte in the fourth quarter worth $28,000. Smithfield Trust Co raised its stake in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock valued at $28,000 after buying an additional 162 shares during the period. MUFG Securities EMEA plc bought a new stake in shares of Incyte in the second quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC purchased a new position in shares of Incyte during the 2nd quarter valued at $33,000. 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.

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