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

Key Points

• HC Wainwright reiterated a "Buy" rating on Incyte with a $135 price target, implying about a 39.3% upside from the current share price.
• Analyst coverage is mixed—10 Buys, 10 Holds, 1 Sell—giving a MarketBeat consensus rating of "Hold" and an average price target of $104.26.
• Incyte recently beat quarterly estimates, reporting $1.81 EPS vs. $1.38 expected and $1.27B in revenue (up 20.9% year-over-year).

Incyte (NASDAQ:INCY - Get Free Report)'s stock had its "buy" rating reiterated by analysts at HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $135.00 target price on the biopharmaceutical company's stock. HC Wainwright's target price indicates a potential upside of 39.30% from the stock's current price.

A number of other research firms have also recently issued reports on INCY. Morgan Stanley set a $102.00 price target on Incyte in a report on Wednesday, February 11th. TD Cowen reaffirmed a "buy" rating on shares of Incyte in a report on Tuesday, January 13th. Wall Street Zen lowered Incyte from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 14th. Weiss Ratings upgraded Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, April 1st. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $90.00 price objective on shares of Incyte in a research report on Thursday, January 8th. Ten analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $104.26.

Incyte Stock Performance

Incyte stock opened at $96.91 on Monday. The stock has a 50-day simple moving average of $95.71 and a 200 day simple moving average of $98.92. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. Incyte has a 12-month low of $57.77 and a 12-month high of $112.29. The stock has a market capitalization of $19.36 billion, a price-to-earnings ratio of 13.69, a P/E/G ratio of 0.91 and a beta of 0.79.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business had revenue of $1.27 billion during the quarter, compared to analysts' expectations of $1.22 billion. During the same period in the previous year, the business posted $1.16 earnings per share. The firm's revenue for the quarter was up 20.9% compared to the same quarter last year. On average, research analysts anticipate that Incyte will post 6.73 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the business's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider directly owned 262,692 shares in the company, valued at approximately $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a 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. Insiders own 17.80% of the company's stock.

Hedge Funds Weigh In On Incyte

Several institutional investors have recently modified their holdings of the stock. Jacobi Capital Management LLC grew its position in shares of Incyte by 0.9% during the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company's stock worth $1,048,000 after buying an additional 99 shares during the period. Oregon Public Employees Retirement Fund grew its position in shares of Incyte by 0.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company's stock worth $1,864,000 after buying an additional 100 shares during the period. Smartleaf Asset Management LLC grew its position in shares of Incyte by 7.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company's stock worth $161,000 after buying an additional 113 shares during the period. Bank of Nova Scotia grew its position in shares of Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company's stock worth $1,160,000 after buying an additional 124 shares during the period. Finally, Atlantic Edge Private Wealth Management LLC grew its position in shares of Incyte by 0.9% during the 3rd quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company's stock worth $1,235,000 after buying an additional 125 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.

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