HC Wainwright Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Key Points

• HC Wainwright raised its price target on Incyte from $135 to $140 and kept a Buy rating, implying about 35% upside from the previous close.
• Incyte also saw a broader mix of analyst views, with the consensus rating still at Hold and an average price target of $105.10 despite several recent target changes.
• The stock rose 3.0% to $103.65 after the update, and the company recently beat quarterly estimates with $1.81 EPS versus $1.38 expected and revenue of $1.27 billion.

Incyte (NASDAQ:INCY - Get Free Report) had its price target raised by research analysts at HC Wainwright from $135.00 to $140.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the biopharmaceutical company's stock. HC Wainwright's price target suggests a potential upside of 35.07% from the company's previous close.

A number of other equities research analysts have also recently commented on the company. Royal Bank Of Canada lowered their target price on Incyte from $95.00 to $92.00 and set a "sector perform" rating on the stock in a research note on Wednesday, February 11th. Jefferies Financial Group cut Incyte from a "buy" rating to a "hold" rating and lowered their target price for the stock from $120.00 to $94.00 in a research note on Monday, March 16th. Sanford C. Bernstein assumed coverage on Incyte in a research note on Thursday, May 21st. They set a "market perform" rating and a $99.00 target price on the stock. Stifel Nicolaus set a $123.00 target price on Incyte in a research note on Tuesday. Finally, Wells Fargo & Company lowered their target price on Incyte from $107.00 to $101.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 11th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Incyte has a consensus rating of "Hold" and an average price target of $105.10.

Incyte Stock Up 3.0%

NASDAQ:INCY traded up $3.01 during trading hours on Tuesday, hitting $103.65. 746,225 shares of the company traded hands, compared to its average volume of 1,698,169. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The firm's 50-day simple moving average is $96.66 and its 200-day simple moving average is $99.03. Incyte has a one year low of $66.74 and a one year high of $112.29. The company has a market cap of $20.71 billion, a PE ratio of 14.61, a PEG ratio of 0.99 and a beta of 0.79.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. The business had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business's revenue was up 20.9% on a year-over-year basis. During the same period last year, the business earned $1.16 EPS. Equities analysts predict that Incyte will post 6.65 earnings per share for the current year.

Insider Activity at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the business's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares of the company's stock, valued at approximately $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 and other institutional investors have recently modified their holdings of INCY. Elyxium Wealth LLC purchased a new position in shares of Incyte during the fourth quarter worth about $28,000. Smithfield Trust Co grew its holdings in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 162 shares in the last quarter. MUFG Securities EMEA plc purchased a new position in shares of Incyte during the second quarter worth about $32,000. CYBER HORNET ETFs LLC purchased a new stake in Incyte in the second quarter worth approximately $33,000. Finally, Leonteq Securities AG purchased a new stake in Incyte in the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Key Stories Impacting Incyte

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Incyte announced a definitive agreement to acquire Vega Therapeutics, a Star Therapeutics subsidiary, in a deal worth up to $2 billion. The move expands Incyte’s hematology pipeline into bleeding disorders and is seen as a potentially meaningful growth driver ahead of future patent pressure on Jakafi. Article Title
• Positive Sentiment: H.C. Wainwright reiterated a Buy rating and raised its price target to $140 from $135, citing expected synergies from the Vega acquisition and reinforcing a constructive view on the stock. Article Title
• Neutral Sentiment: Incyte also presented at the Goldman Sachs 47th Annual Global Healthcare Conference, which may have helped keep investor attention on the company’s long-term pipeline and business strategy. Article Title

Incyte Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.