Incyte's (INCY) "Buy" Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright reaffirmed a "Buy" on Incyte with a $135 price target, implying roughly a 38.19% upside from the stock's previous close.
• Incyte reported quarterly EPS of $1.80 (missing estimates of $1.96) while delivering a revenue beat of $1.51 billion versus $1.35 billion, a 27.8% year-over-year increase.
• Analyst coverage is mixed—10 Buys, 10 Holds and 1 Sell—resulting in an average rating of "Hold" and an average price target of $104.89, below HC Wainwright's view.

Incyte (NASDAQ:INCY - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $135.00 price target on the biopharmaceutical company's stock. HC Wainwright's price objective indicates a potential upside of 38.19% from the stock's previous close.

Several other equities research analysts have also commented on the stock. Stifel Nicolaus boosted their price objective on shares of Incyte from $119.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, February 11th. Barclays reiterated an "overweight" rating on shares of Incyte in a research report on Tuesday, March 24th. Jefferies Financial Group lowered shares of Incyte from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. Morgan Stanley set a $102.00 price objective on shares of Incyte in a research report on Wednesday, February 11th. Finally, Piper Sandler boosted their price objective on shares of Incyte from $102.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, February 6th. Ten analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $104.89.

Incyte Stock Performance

NASDAQ:INCY opened at $97.69 on Wednesday. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. Incyte has a fifty-two week low of $56.13 and a fifty-two week high of $112.29. The stock has a market cap of $19.44 billion, a PE ratio of 15.24, a price-to-earnings-growth ratio of 0.76 and a beta of 0.85. The firm's fifty day simple moving average is $97.16 and its 200-day simple moving average is $98.00.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing analysts' consensus estimates of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the company earned $1.43 earnings per share. The business's revenue for the quarter was up 27.8% compared to the same quarter last year. Analysts expect that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the company's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total value of $1,759,178.08. Following the transaction, the insider directly owned 234,800 shares in the company, valued at approximately $22,127,552. This represents a 7.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 17.80% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. acquired a new stake in Incyte during the 3rd quarter worth approximately $26,000. Root Financial Partners LLC acquired a new stake in Incyte during the 3rd quarter worth approximately $28,000. Elyxium Wealth LLC acquired a new stake in Incyte during the 4th quarter worth approximately $28,000. Smithfield Trust Co increased its position in Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 162 shares in the last quarter. Finally, Quent Capital LLC acquired a new stake in Incyte during the 3rd quarter worth approximately $30,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Company Profile

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.

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