Incyte (NASDAQ:INCY) Given Hold (C+) Rating at Weiss Ratings

Key Points

• Incyte's stock has received a "hold (C+)" rating from Weiss Ratings, while other analysts have varied target prices with Royal Bank of Canada raising theirs from $72 to $81.
• The company's stock opened at $85.38, with a 12-month price range of $53.56 to $88.66, and it currently holds a market cap of $16.67 billion.
• Insider selling has been noted, with executives reducing their stakes; specifically, EVP Steven H. Stein sold 14,952 shares, reflecting a 13.30% decrease in his position.

Incyte (NASDAQ:INCY - Get Free Report)'s stock had its "hold (c+)" rating restated by investment analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

INCY has been the topic of several other reports. Royal Bank Of Canada raised their target price on Incyte from $72.00 to $81.00 and gave the company a "sector perform" rating in a research report on Wednesday, September 24th. Citigroup raised their target price on Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Barclays started coverage on Incyte in a research report on Friday, August 1st. They issued an "overweight" rating and a $90.00 target price on the stock. UBS Group restated a "neutral" rating and issued a $68.00 target price (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Finally, Guggenheim restated a "neutral" rating on shares of Incyte in a research report on Friday, September 19th. Five equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $83.64.

Incyte Stock Down 2.1%

INCY opened at $85.38 on Wednesday. Incyte has a 12 month low of $53.56 and a 12 month high of $88.66. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. The stock has a market cap of $16.67 billion, a P/E ratio of 19.40, a P/E/G ratio of 0.68 and a beta of 0.73. The stock's 50 day moving average price is $83.96 and its 200 day moving average price is $71.27.

Insider Activity

In other news, EVP Steven H. Stein sold 14,952 shares of Incyte stock in a transaction on Monday, July 14th. The stock was sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following the transaction, the executive vice president directly owned 97,466 shares in the company, valued at approximately $6,673,497.02. This trade represents a 13.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of Incyte stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $82,225.22. Following the transaction, the executive vice president owned 35,929 shares in the company, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 36,257 shares of company stock worth $2,487,927. 17.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

A number of hedge funds have recently modified their holdings of INCY. NBC Securities Inc. grew its holdings in shares of Incyte by 88,200.0% in the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock worth $53,000 after acquiring an additional 882 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Incyte by 474.1% during the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock valued at $94,000 after purchasing an additional 1,280 shares during the last quarter. Handelsbanken Fonder AB lifted its position in shares of Incyte by 17.1% in the first quarter. Handelsbanken Fonder AB now owns 49,900 shares of the biopharmaceutical company's stock worth $3,021,000 after buying an additional 7,300 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Incyte by 37.6% in the first quarter. Assenagon Asset Management S.A. now owns 8,846 shares of the biopharmaceutical company's stock worth $536,000 after buying an additional 2,418 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Incyte by 2.0% in the first quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company's stock worth $551,000 after buying an additional 179 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Company Profile

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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