Incyte (NASDAQ:INCY) Earns Buy Rating from HC Wainwright

Key Points

• HC Wainwright reiterated a Buy rating on Incyte with a $135 price target, implying roughly a 49% upside from the company's current price.
• Analysts are mixed—nine rate the stock Buy, eleven Hold and one Sell—giving a consensus rating of "Hold" and a consensus target of $103.44.
• Incyte recently reported EPS of $1.80 (missing estimates of $1.96) but beat revenue expectations with $1.51B (up 27.8% year-over-year); the stock trades around $90.62 with a market cap of $18.0B and a P/E of 14.14.

Incyte (NASDAQ:INCY - Get Free Report)'s stock had its "buy" rating restated by stock analysts at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $135.00 price target on the biopharmaceutical company's stock. HC Wainwright's target price indicates a potential upside of 48.97% from the company's current price.

Several other research analysts have also recently weighed in on INCY. Wall Street Zen cut Incyte from a "strong-buy" rating to a "buy" rating in a research note on Saturday, February 14th. Weiss Ratings downgraded Incyte from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, March 17th. Stifel Nicolaus boosted their target price on Incyte from $119.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, February 11th. Barclays restated an "overweight" rating on shares of Incyte in a research note on Tuesday. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $90.00 price target on shares of Incyte in a report on Thursday, January 8th. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $103.44.

Incyte Trading Up 0.2%

NASDAQ:INCY opened at $90.62 on Wednesday. The stock has a market cap of $18.03 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 0.72 and a beta of 0.84. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The company's 50 day moving average price is $99.84 and its 200-day moving average price is $96.97. Incyte has a 52 week low of $53.56 and a 52 week high of $112.29.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing analysts' consensus estimates of $1.96 by ($0.16). The firm had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.35 billion. Incyte had a return on equity of 26.34% and a net margin of 25.03%.Incyte's revenue was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.43 earnings per share. On average, equities research analysts forecast that Incyte will post 4.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Mohamed Khairie Issa sold 10,856 shares of the company's stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the completion of the sale, the executive vice president owned 66,132 shares in the company, valued at approximately $7,213,017.24. This represents a 14.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total value of $1,759,178.08. Following the completion of the transaction, the insider directly owned 234,800 shares in the company, valued at approximately $22,127,552. This represents a 7.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Incyte

Institutional investors and hedge funds have recently made changes to their positions in the business. AustralianSuper Pty Ltd bought a new stake in Incyte in the third quarter worth $18,085,000. Rakuten Investment Management Inc. bought a new position in Incyte during the third quarter valued at $14,646,000. LBP AM SA raised its stake in shares of Incyte by 33.6% in the third quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company's stock valued at $20,245,000 after acquiring an additional 59,974 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Incyte by 38.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company's stock worth $32,873,000 after acquiring an additional 108,645 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Incyte by 28.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 106,789 shares of the biopharmaceutical company's stock worth $9,309,000 after acquiring an additional 23,954 shares during the last quarter. Hedge funds and other 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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