Barclays Begins Coverage on Incyte (NASDAQ:INCY)

Key Points

• Barclays initiated coverage on Incyte with an "overweight" rating and set a price target of $90.00, suggesting a potential upside of 20.18% from the current stock price.
• Incyte reported a quarterly earnings per share (EPS) of $1.16, exceeding analysts' expectations and showing a 19.5% increase in revenue compared to the previous year.
• Currently, analysts have assigned an average rating of "Hold" to Incyte, with various price targets ranging from $67.00 to $103.00.

Equities research analysts at Barclays assumed coverage on shares of Incyte (NASDAQ:INCY - Get Free Report) in a report issued on Friday, MarketBeat.com reports. The firm set an "overweight" rating and a $90.00 price target on the biopharmaceutical company's stock. Barclays's price target indicates a potential upside of 16.35% from the company's previous close.

A number of other analysts have also issued reports on INCY. Royal Bank Of Canada raised their price target on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. dropped their target price on Incyte from $68.00 to $67.00 and set a "neutral" rating on the stock in a report on Monday, July 14th. Citigroup raised their target price on Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and boosted their price target for the company from $75.00 to $107.00 in a report on Monday, June 16th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $79.73.

Incyte Price Performance

Shares of INCY stock traded down $0.69 during mid-day trading on Friday, reaching $77.35. The stock had a trading volume of 892,674 shares, compared to its average volume of 1,876,888. Incyte has a 12-month low of $53.56 and a 12-month high of $83.95. The company has a market cap of $15.10 billion, a P/E ratio of 17.57, a price-to-earnings-growth ratio of 0.60 and a beta of 0.71. The business has a 50-day simple moving average of $69.23 and a 200 day simple moving average of $66.67. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01.

Insider Transactions at Incyte

In other news, EVP Steven H. Stein sold 3,706 shares of the business's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the sale, the executive vice president owned 102,886 shares of the company's stock, valued at approximately $6,990,074.84. The trade was a 3.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the sale, the executive vice president directly owned 26,504 shares in the company, valued at $1,818,439.44. This trade represents a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,098 shares of company stock worth $3,836,196 over the last 90 days. 17.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. raised its position in shares of Incyte by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company's stock worth $612,000 after purchasing an additional 147 shares during the period. Nissay Asset Management Corp Japan ADV raised its position in shares of Incyte by 0.7% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock worth $1,410,000 after purchasing an additional 150 shares during the period. Farther Finance Advisors LLC raised its position in Incyte by 10.1% during the second quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company's stock valued at $116,000 after buying an additional 156 shares during the period. Advisory Alpha LLC raised its position in Incyte by 2.1% during the first quarter. Advisory Alpha LLC now owns 8,056 shares of the biopharmaceutical company's stock valued at $488,000 after buying an additional 166 shares during the period. Finally, Bank of Nova Scotia raised its position in Incyte by 0.8% during the fourth quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company's stock valued at $1,498,000 after buying an additional 171 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.