Incyte (NASDAQ:INCY) Earns Overweight Rating from Analysts at Barclays

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 started coverage on shares of Incyte (NASDAQ:INCY - Get Free Report) in a research note issued to investors on Friday,Briefing.com Automated Import reports. The firm set an "overweight" rating and a $90.00 price target on the biopharmaceutical company's stock. Barclays's target price would suggest a potential upside of 20.18% from the company's current price.

A number of other equities analysts have also recently issued reports on INCY. Truist Financial boosted their price objective on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research report on Wednesday. Royal Bank Of Canada boosted their price objective on shares of Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research report on Wednesday. UBS Group reaffirmed a "neutral" rating and set a $68.00 target price (up previously from $62.00) on shares of Incyte in a research note on Wednesday. JPMorgan Chase & Co. reduced their price target on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating on the stock in a research report on Monday, July 14th. Finally, Citigroup boosted their price target on shares of Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $78.50.

Incyte Price Performance

INCY stock opened at $74.89 on Friday. The firm's 50-day moving average price is $68.72 and its two-hundred day moving average price is $66.68. Incyte has a 12-month low of $53.56 and a 12-month high of $83.95. The stock has a market capitalization of $14.50 billion, a price-to-earnings ratio of 17.02, a PEG ratio of 0.65 and a beta of 0.68. The company has a current ratio of 2.85, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.15. Incyte had a net margin of 18.99% and a return on equity of 21.99%. The firm had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. During the same quarter in the previous year, the company earned $0.64 earnings per share. The company's revenue for the quarter was up 19.5% compared to the same quarter last year. As a group, equities analysts predict that Incyte will post 4.86 earnings per share for the current year.

Insider Buying and Selling at Incyte

In related news, EVP Steven H. Stein sold 3,706 shares of the business's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $67.94, for a total transaction of $251,785.64. Following the sale, the executive vice president owned 102,886 shares of the company's stock, valued at $6,990,074.84. The trade was a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Barry P. Flannelly sold 1,192 shares of the business's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the sale, the executive vice president directly owned 37,630 shares in the company, valued at $2,628,831.80. The trade was a 3.07% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,098 shares of company stock worth $3,836,196. Insiders own 17.80% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Incyte by 2.1% in the first quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock worth $1,210,868,000 after buying an additional 417,346 shares during the last quarter. AQR Capital Management LLC raised its holdings in Incyte by 92.3% in the first quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company's stock worth $405,787,000 after buying an additional 3,233,356 shares during the last quarter. Geode Capital Management LLC raised its holdings in Incyte by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company's stock worth $278,346,000 after buying an additional 103,910 shares during the last quarter. LSV Asset Management raised its holdings in Incyte by 4.9% in the first quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company's stock worth $220,279,000 after buying an additional 170,484 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Incyte by 4.0% in the first quarter. Invesco Ltd. now owns 3,168,750 shares of the biopharmaceutical company's stock worth $191,868,000 after buying an additional 120,543 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.

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