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

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 research note issued to investors on Wednesday morning, Marketbeat Ratings reports. They currently have $89.00 price objective on the biopharmaceutical company's stock, up from their prior price objective of $67.00.

A number of other equities research analysts have also weighed in on the stock. Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. UBS Group reiterated a "neutral" rating and set a $68.00 target price (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Barclays began coverage on shares of Incyte in a research note on Friday, August 1st. They set an "overweight" rating and a $90.00 target price for the company. Citigroup upped their price objective on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. reduced their price objective on Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a research note on Monday, July 14th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $81.20.

Incyte Stock Performance

INCY traded up $0.19 during mid-day trading on Wednesday, reaching $78.39. 1,159,998 shares of the company traded hands, compared to its average volume of 1,694,727. The stock has a market capitalization of $15.31 billion, a P/E ratio of 17.82, a P/E/G ratio of 0.62 and a beta of 0.71. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The company's fifty day moving average price is $70.23 and its 200-day moving average price is $66.90. Incyte has a 52-week low of $53.56 and a 52-week high of $83.95.

Insiders Place Their Bets

In other Incyte news, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the completion of the sale, the executive vice president owned 102,886 shares in the company, valued at approximately $6,990,074.84. This represents a 3.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the sale, the executive vice president owned 26,504 shares of the company's stock, valued at $1,818,439.44. The trade was a 2.21% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,098 shares of company stock worth $3,836,196. 17.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its holdings in shares of Incyte by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock valued at $12,954,000 after purchasing an additional 1,419 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Incyte by 61.3% during the 4th quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock valued at $12,031,000 after purchasing an additional 66,220 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Incyte by 13.5% during the 4th quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock valued at $22,354,000 after purchasing an additional 38,550 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of Incyte by 1.9% during the 1st quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock valued at $1,910,000 after purchasing an additional 591 shares during the last quarter. Finally, Asset Management One Co. Ltd. boosted its holdings in shares of Incyte by 0.8% during the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock valued at $5,451,000 after purchasing an additional 747 shares during the last quarter. 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.