Stifel Nicolaus Upgrades Incyte (NASDAQ:INCY) to Buy

Stifel Nicolaus upgraded shares of Incyte (NASDAQ:INCY - Free Report) from a hold rating to a buy rating in a report released on Monday, MarketBeat.com reports. They currently have $107.00 price objective on the biopharmaceutical company's stock, up from their previous price objective of $75.00.

A number of other research analysts also recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Incyte from $70.00 to $68.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Truist Financial increased their price objective on shares of Incyte from $72.00 to $73.00 and gave the company a "hold" rating in a research report on Tuesday, May 27th. UBS Group restated a "neutral" rating and issued a $61.00 price target on shares of Incyte in a research note on Tuesday, June 3rd. Morgan Stanley dropped their target price on Incyte from $69.00 to $65.00 and set an "equal weight" rating on the stock in a research report on Monday, March 24th. Finally, Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $74.53.

Incyte Stock Down 3.4%

Shares of INCY traded down $2.41 during trading hours on Monday, hitting $68.81. The company had a trading volume of 2,018,868 shares, compared to its average volume of 2,062,348. The stock has a market capitalization of $13.32 billion, a price-to-earnings ratio of 215.04, a P/E/G ratio of 0.60 and a beta of 0.67. The firm has a fifty day moving average price of $62.59 and a 200-day moving average price of $66.95. Incyte has a 52-week low of $53.56 and a 52-week high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.04.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.15. Incyte had a net margin of 0.48% and a return on equity of 2.77%. The business had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $996.17 million. During the same period in the previous year, the company earned $0.64 earnings per share. The business's revenue for the quarter was up 19.5% compared to the same quarter last year. On average, equities research analysts forecast that Incyte will post 4.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Incyte

A number of hedge funds have recently bought and sold shares of INCY. Quintet Private Bank Europe S.A. purchased a new stake in Incyte during the fourth quarter valued at approximately $26,000. Banque Transatlantique SA bought a new stake in Incyte in the first quarter worth $26,000. Raiffeisen Bank International AG purchased a new position in Incyte during the fourth quarter worth $34,000. SVB Wealth LLC purchased a new position in Incyte during the first quarter worth $39,000. Finally, Bradley & Co. Private Wealth Management LLC bought a new position in Incyte during the fourth quarter valued at $42,000. Hedge funds and other institutional investors 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.