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

Key Points

• HC Wainwright reiterated a “buy” rating on Incyte and maintained a $150 price target, implying 16.76% upside from the stock’s $128.47 opening price.
• Incyte reported stronger-than-expected quarterly results, with EPS of $3.09 versus the $2.15 consensus estimate and revenue of $1.67 billion, up 37.7% year over year.
• Analyst sentiment remains mixed: 11 analysts rate the stock a Buy and 13 rate it a Hold, producing an overall “Hold” consensus and average price target of $123.10.

Incyte (NASDAQ:INCY - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at HC Wainwright in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $150.00 price target on the biopharmaceutical company's stock. HC Wainwright's target price would suggest a potential upside of 16.76% from the stock's current price.

Several other equities research analysts have also recently weighed in on INCY. Truist Financial increased their target price on Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a report on Monday, June 22nd. Oppenheimer reaffirmed a "market perform" rating and issued a $120.00 price target on shares of Incyte in a research note on Tuesday, July 28th. Weiss Ratings upgraded Incyte from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Guggenheim raised their target price on shares of Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Finally, Barclays raised their target price on shares of Incyte from $134.00 to $139.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Eleven research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat, Incyte presently has an average rating of "Hold" and a consensus target price of $123.10.

Incyte Stock Up 4.0%

Shares of NASDAQ:INCY opened at $128.47 on Thursday. The stock has a market cap of $26.04 billion, a PE ratio of 16.37, a PEG ratio of 3.91 and a beta of 0.76. The company's fifty day moving average is $115.40 and its 200 day moving average is $103.81. Incyte has a 52 week low of $81.09 and a 52 week high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the business posted $1.57 earnings per share. The company's revenue was up 37.7% on a year-over-year basis. Sell-side analysts anticipate that Incyte will post 2.61 EPS for the current year.

Insider Activity at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the company's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. raised its holdings in Incyte by 62.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 53,309 shares of the biopharmaceutical company's stock worth $6,043,000 after purchasing an additional 20,582 shares in the last quarter. Greenleaf Trust boosted its stake in shares of Incyte by 2.8% during the 2nd quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company's stock valued at $381,000 after purchasing an additional 93 shares in the last quarter. Trustmark Bank Trust Department increased its position in shares of Incyte by 4.8% during the second quarter. Trustmark Bank Trust Department now owns 15,786 shares of the biopharmaceutical company's stock valued at $1,790,000 after buying an additional 723 shares during the period. New Mexico Educational Retirement Board raised its stake in Incyte by 10.6% in the second quarter. New Mexico Educational Retirement Board now owns 8,350 shares of the biopharmaceutical company's stock worth $947,000 after buying an additional 800 shares in the last quarter. Finally, Toth Financial Advisory Corp raised its stake in Incyte by 15.1% in the second quarter. Toth Financial Advisory Corp now owns 15,760 shares of the biopharmaceutical company's stock worth $1,787,000 after buying an additional 2,065 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source