Mizuho Boosts Incyte (NASDAQ:INCY) Price Target to $137.00

Key Points

• Mizuho raised Incyte’s price target to $137 from $121 and maintained an “outperform” rating, implying 13.94% upside from the prior close.
• Analyst sentiment remains mixed: Incyte has 10 Buy ratings and 13 Holds, with an average rating of “Hold” and an average price target of $120.40.
• Incyte reported strong quarterly results, posting $3.09 in EPS versus the $2.15 consensus and $1.67 billion in revenue, up 37.7% year over year.

Incyte (NASDAQ:INCY - Get Free Report) had its price target hoisted by investment analysts at Mizuho from $121.00 to $137.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the biopharmaceutical company's stock. Mizuho's price objective would indicate a potential upside of 13.94% from the company's previous close.

A number of other brokerages have also recently weighed in on INCY. BMO Capital Markets lifted their price target on Incyte from $112.00 to $130.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 29th. Leerink Partners boosted their price target on shares of Incyte from $131.00 to $155.00 and gave the company an "outperform" rating in a report on Monday. Barclays raised their price objective on shares of Incyte from $134.00 to $139.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a research report on Tuesday, July 28th. Finally, TD Cowen restated a "hold" rating on shares of Incyte in a report on Tuesday, June 9th. Ten analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $120.40.

Incyte Stock Up 1.5%

NASDAQ:INCY traded up $1.81 during trading hours on Tuesday, reaching $120.24. 982,388 shares of the company's stock were exchanged, compared to its average volume of 1,789,361. The company has a market capitalization of $24.37 billion, a P/E ratio of 15.31, a price-to-earnings-growth ratio of 3.96 and a beta of 0.76. Incyte has a 12 month low of $76.45 and a 12 month high of $132.60. The business's 50-day simple moving average is $109.97 and its two-hundred day simple moving average is $102.32.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company's quarterly revenue was up 37.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.57 EPS. As a group, sell-side analysts anticipate that Incyte will post 2.5 earnings per share for the current fiscal year.

Institutional Trading of Incyte

Hedge funds and other institutional investors have recently modified their holdings of the company. Summit Global Investments purchased a new position in Incyte in the second quarter valued at about $6,277,000. Bryn Mawr Trust Advisors LLC purchased a new stake in shares of Incyte during the 2nd quarter worth about $324,000. Plan Group Financial LLC acquired a new stake in shares of Incyte during the 2nd quarter valued at about $406,000. Insight Wealth Strategies LLC acquired a new stake in shares of Incyte during the 2nd quarter valued at about $7,076,000. Finally, Tema ETFs LLC grew its stake in shares of Incyte by 5.7% in the 2nd quarter. Tema ETFs LLC now owns 2,704 shares of the biopharmaceutical company's stock valued at $307,000 after buying an additional 145 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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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