Incyte (NASDAQ:INCY) Raised to "Strong-Buy" at Wall Street Zen

Key Points

• Incyte was upgraded to a "strong-buy" rating by Wall Street Zen, indicating increased investor confidence in the company's potential.
• Several analysts have raised their price targets for Incyte, with Bank of America setting a new target of $104.00 and Truist Financial increasing theirs to $79.00.
• Insider trading activities included sales by executives, with Barry P. Flannelly and Steven H. Stein reducing their stock holdings, signaling possible insider sentiment on the company’s future performance.

Incyte (NASDAQ:INCY - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued on Friday.

Several other equities research analysts have also recently issued reports on the company. Truist Financial lifted their target price on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Bank of America raised their price target on Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a report on Thursday, September 4th. Stifel Nicolaus upped their price objective on Incyte from $110.00 to $115.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Royal Bank Of Canada raised their target price on shares of Incyte from $72.00 to $81.00 and gave the company a "sector perform" rating in a report on Wednesday, September 24th. Finally, Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $67.00 to $89.00 in a research report on Wednesday, August 6th. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $83.64.

Incyte Price Performance

NASDAQ:INCY traded up $0.57 on Friday, reaching $86.85. 1,303,578 shares of the company's stock traded hands, compared to its average volume of 1,756,540. The stock has a 50-day simple moving average of $83.27 and a 200-day simple moving average of $70.74. Incyte has a 12 month low of $53.56 and a 12 month high of $88.66. The firm has a market cap of $16.96 billion, a PE ratio of 19.74, a P/E/G ratio of 0.67 and a beta of 0.73. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $83,273.12. Following the sale, the executive vice president directly owned 37,630 shares of the company's stock, valued at $2,628,831.80. The trade was a 3.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Steven H. Stein sold 14,952 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following the completion of the sale, the executive vice president directly owned 97,466 shares of the company's stock, valued at approximately $6,673,497.02. This trade represents a 13.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,257 shares of company stock valued at $2,487,927 over the last ninety days. Corporate insiders own 17.80% of the company's stock.

Institutional Trading of Incyte

Several institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers grew its stake in shares of Incyte by 10.1% in the first quarter. Rhumbline Advisers now owns 337,103 shares of the biopharmaceutical company's stock valued at $20,411,000 after buying an additional 30,897 shares in the last quarter. NBC Securities Inc. grew its position in Incyte by 88,200.0% in the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock valued at $53,000 after acquiring an additional 882 shares in the last quarter. Merit Financial Group LLC grew its holdings in shares of Incyte by 305.4% in the first quarter. Merit Financial Group LLC now owns 36,611 shares of the biopharmaceutical company's stock valued at $2,217,000 after purchasing an additional 27,581 shares in the last quarter. Gateway Investment Advisers LLC increased its stake in Incyte by 95.4% during the 1st quarter. Gateway Investment Advisers LLC now owns 8,828 shares of the biopharmaceutical company's stock worth $535,000 after buying an additional 4,311 shares during the period. Finally, Sivia Capital Partners LLC purchased a new stake in Incyte during the 1st quarter worth approximately $295,000. Institutional investors and hedge funds own 96.97% of the company's stock.

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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