Incyte (NASDAQ:INCY) Upgraded by Wells Fargo & Company to Overweight Rating

Key Points

• Wells Fargo & Company upgraded Incyte's rating from "equal weight" to "overweight," significantly increasing the target price from $67.00 to $89.00, suggesting a potential upside of 14.51% from its previous close.
• Recent insider selling has occurred, with EVP Vijay K. Iyengar selling 8,617 shares and EVP Steven H. Stein selling 14,952 shares, indicating a reduction in their stakes in the company.
• Incyte's stock currently has an average rating of "Hold" with a target price of $81.20, amid mixed ratings from various investment analysts.

Wells Fargo & Company upgraded shares of Incyte (NASDAQ:INCY - Free Report) from an equal weight rating to an overweight rating in a report released on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $89.00 price target on the biopharmaceutical company's stock, up from their previous price target of $67.00.

Other analysts have also issued research reports about the stock. 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 note on Wednesday, July 30th. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and boosted their target price for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. JPMorgan Chase & Co. dropped 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. Truist Financial increased their price objective on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Finally, Barclays started coverage on Incyte in a report on Friday, August 1st. They issued an "overweight" rating and a $90.00 target price on the stock. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $81.20.

Incyte Stock Up 0.2%

Incyte stock traded up $0.19 during mid-day trading on Wednesday, reaching $78.39. The stock had a trading volume of 1,159,998 shares, compared to its average volume of 1,694,727. The firm has a market capitalization of $15.31 billion, a PE ratio of 17.82, a price-to-earnings-growth ratio of 0.62 and a beta of 0.71. Incyte has a fifty-two week low of $53.56 and a fifty-two week high of $83.95. The stock's 50-day simple moving average is $70.23 and its 200-day simple moving average is $66.86. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85.

Insider Buying and Selling

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the transaction, the executive vice president directly owned 26,504 shares of the company's stock, valued at $1,818,439.44. This trade represents a 2.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Steven H. Stein sold 14,952 shares of the business's stock in a transaction 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 transaction, the executive vice president owned 97,466 shares of the company's stock, valued at $6,673,497.02. This trade represents a 13.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock worth $3,836,196 in the last 90 days. 17.80% of the stock is owned by company insiders.

Institutional Trading of Incyte

Institutional investors and hedge funds have recently modified their holdings of the business. Banque Transatlantique SA bought a new stake in Incyte during the first quarter valued at approximately $26,000. FNY Investment Advisers LLC bought a new stake in shares of Incyte during the 2nd quarter worth $27,000. Raiffeisen Bank International AG bought a new stake in shares of Incyte during the 4th quarter worth $34,000. Hilltop National Bank purchased a new position in Incyte in the second quarter worth $37,000. Finally, SVB Wealth LLC bought a new position in Incyte in the first quarter valued at $39,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

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.