Incyte (NASDAQ:INCY) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Incyte to “buy” from “hold,” while broader analyst coverage remains positive with a consensus “Moderate Buy” rating and average price target of $124.05.
• Incyte reported strong quarterly results, posting $3.09 in EPS versus the $2.15 estimate and $1.67 billion in revenue, up 37.7% year over year.
• Shares opened at $121.47, near the average analyst target, while institutional investors own a substantial 96.97% of the company; insiders recently reported stock sales conducted under pre-arranged trading plans.

Incyte (NASDAQ:INCY - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday, Wall Street Zen reports.

A number of other equities analysts have also recently commented on the stock. Sanford C. Bernstein reissued a "market perform" rating and issued a $104.00 price objective on shares of Incyte in a research note on Thursday, August 13th. HC Wainwright restated a "buy" rating and set a $150.00 target price on shares of Incyte in a research report on Thursday, August 20th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Incyte in a report on Friday. Citigroup reiterated a "buy" rating on shares of Incyte in a research report on Monday, August 3rd. Finally, Piper Sandler boosted their price objective on Incyte from $110.00 to $130.00 and gave the stock an "overweight" rating in a research note on Monday, August 17th. One 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $124.05.

Incyte Price Performance

Shares of INCY opened at $121.47 on Friday. The stock has a market capitalization of $24.62 billion, a price-to-earnings ratio of 15.47, a price-to-earnings-growth ratio of 3.58 and a beta of 0.77. Incyte has a 1 year low of $81.09 and a 1 year high of $132.60. The business's 50 day simple moving average is $121.80 and its 200-day simple moving average is $106.66.

Incyte (NASDAQ:INCY - Get Free Report) last posted its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share 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 firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the firm posted $1.57 earnings per share. Incyte's revenue for the quarter was up 37.7% compared to the same quarter last year. On average, sell-side analysts expect that Incyte will post 2.64 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Patrick Mayes sold 41,899 shares of the 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 in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 10,801 shares of the firm'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 value of $1,356,173.56. Following the sale, the insider directly owned 183,200 shares of the company's stock, valued at $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. Corporate insiders own 16.20% of the company's stock.

Institutional Trading of Incyte

Institutional investors and hedge funds have recently made changes to their positions in the business. Sequoia Financial Advisors LLC grew its holdings 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 worth $2,182,000 after purchasing an additional 2,873 shares during the last quarter. Tidal Investments LLC boosted its position in Incyte by 33.4% in the 2nd quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company's stock valued at $11,657,000 after buying an additional 25,768 shares during the period. WINTON GROUP Ltd increased its position in shares of Incyte by 47.0% during the second quarter. WINTON GROUP Ltd now owns 254,408 shares of the biopharmaceutical company's stock worth $28,840,000 after acquiring an additional 81,376 shares during the period. NewEdge Advisors LLC increased its position in shares of Incyte by 69.5% during the second quarter. NewEdge Advisors LLC now owns 34,605 shares of the biopharmaceutical company's stock worth $3,923,000 after acquiring an additional 14,189 shares during the period. Finally, IFP Advisors Inc raised its stake in shares of Incyte by 13.9% during the second quarter. IFP Advisors Inc now owns 6,073 shares of the biopharmaceutical company's stock valued at $688,000 after acquiring an additional 740 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

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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