Incyte (NASDAQ:INCY) Price Target Raised to $67.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company increased Incyte's price target from $59.00 to $67.00, maintaining an "equal weight" rating while indicating a potential downside of 14.33% from the current price.
• Despite the price target increase, analysts' ratings are mixed with one sell, twelve holds, five buys, and one strong buy, resulting in an average rating of "Hold" with a consensus target price of $75.33.
• Incyte reported a 19.5% increase in quarterly revenue year-over-year, with an earnings per share (EPS) of $1.16, surpassing consensus estimates by $0.15.

Incyte (NASDAQ:INCY - Get Free Report) had its price target upped by stock analysts at Wells Fargo & Company from $59.00 to $67.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's target price points to a potential downside of 11.36% from the stock's previous close.

Other equities research analysts also recently issued reports about the company. Wall Street Zen raised Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and upped their price target for the stock from $75.00 to $107.00 in a research note on Monday, June 16th. Truist Financial upped their price target on Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a research note on Tuesday, May 27th. UBS Group restated a "neutral" rating and set a $61.00 price target on shares of Incyte in a research note on Tuesday, June 3rd. Finally, JPMorgan Chase & Co. cut their price target 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 research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Incyte currently has an average rating of "Hold" and a consensus price target of $79.73.

Incyte Stock Performance

Shares of INCY stock traded up $0.70 during trading hours on Wednesday, hitting $75.59. The stock had a trading volume of 1,583,946 shares, compared to its average volume of 1,597,725. The firm has a market capitalization of $14.76 billion, a PE ratio of 17.18, a PEG ratio of 0.62 and a beta of 0.71. Incyte has a twelve month low of $53.56 and a twelve month high of $83.95. The stock's 50 day moving average is $68.95 and its 200 day moving average is $66.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.00.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.15. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $996.17 million. Incyte had a return on equity of 21.99% and a net margin of 18.99%. The company's revenue was up 19.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 earnings per share. As a group, research analysts forecast that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, EVP Steven H. Stein sold 3,706 shares of the company's 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 sale, the executive vice president owned 102,886 shares of the company's stock, valued at approximately $6,990,074.84. This represents a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 1,192 shares of the company's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $83,273.12. Following the completion of the sale, the executive vice president directly owned 37,630 shares in the company, valued at $2,628,831.80. This trade represents a 3.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,098 shares of company stock worth $3,836,196 over the last ninety days. 17.80% of the stock is currently owned by company insiders.

Institutional Trading of Incyte

A number of large investors have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its stake in Incyte by 92.3% in the 1st quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company's stock worth $405,787,000 after buying an additional 3,233,356 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Incyte by 71.5% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 2,386,311 shares of the biopharmaceutical company's stock worth $162,508,000 after buying an additional 995,204 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Incyte by 65.6% in the 1st quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company's stock worth $152,062,000 after buying an additional 994,609 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Incyte by 861.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock worth $61,587,000 after buying an additional 798,877 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Incyte in the 2nd quarter worth about $50,076,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Company Profile

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.