Wells Fargo & Company Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its target price lifted by investment analysts at Wells Fargo & Company from $58.00 to $59.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 4.88% from the stock’s previous close.

A number of other equities analysts have also commented on INCY. Royal Bank of Canada boosted their price target on shares of Incyte from $64.00 to $67.00 and gave the company a “sector perform” rating in a research report on Wednesday. Citigroup decreased their price target on Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. JPMorgan Chase & Co. reduced their price objective on Incyte from $70.00 to $68.00 and set a “neutral” rating on the stock in a research note on Monday, April 21st. StockNews.com lowered Incyte from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. Finally, William Blair downgraded shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $73.53.

Incyte Stock Down 1.0 %

INCY stock opened at $62.03 on Wednesday. The business’s 50-day simple moving average is $62.77 and its 200 day simple moving average is $68.88. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The company has a market cap of $12.00 billion, a PE ratio of 229.75, a price-to-earnings-growth ratio of 0.41 and a beta of 0.89. Incyte has a twelve month low of $52.28 and a twelve month high of $83.95.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.15. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $996.17 million. During the same quarter in the prior year, the company posted $0.64 EPS. The business’s revenue was up 19.5% on a year-over-year basis. On average, research analysts anticipate that Incyte will post 4.86 earnings per share for the current year.

Insider Transactions at Incyte

In other news, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the transaction, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at $1,809,101.52. This trade represents a 2.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 19,807 shares of the business’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the completion of the sale, the executive vice president now directly owns 33,567 shares in the company, valued at approximately $2,272,150.23. This represents a 37.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,475 shares of company stock valued at $2,424,751 over the last three months. Company insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Quintet Private Bank Europe S.A. bought a new stake in shares of Incyte during the 4th quarter worth approximately $26,000. Global X Japan Co. Ltd. grew its position in shares of Incyte by 144.7% in the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 230 shares during the period. R Squared Ltd bought a new stake in shares of Incyte in the 4th quarter valued at about $30,000. Raiffeisen Bank International AG acquired a new stake in Incyte in the 4th quarter valued at about $34,000. Finally, Blue Trust Inc. grew its holdings in Incyte by 124.6% during the fourth quarter. Blue Trust Inc. now owns 593 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 329 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

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.