Incyte (NASDAQ:INCY – Free Report) had its target price increased by Mizuho from $121.00 to $137.00 in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.
INCY has been the subject of several other research reports. Truist Financial increased their target price on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Morgan Stanley set a $119.00 price target on shares of Incyte in a report on Wednesday, July 29th. Citigroup reaffirmed a “buy” rating on shares of Incyte in a research report on Monday. Leerink Partners increased their price objective on shares of Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday. Finally, TD Cowen reissued a “hold” rating on shares of Incyte in a research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $120.40.
View Our Latest Analysis on INCY
Incyte Stock Down 1.2%
Incyte (NASDAQ:INCY – Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm posted $1.57 EPS. Incyte’s quarterly revenue was up 37.7% compared to the same quarter last year. As a group, equities research analysts expect that Incyte will post 2.64 earnings per share for the current year.
Insider Activity at Incyte
In related news, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.
Institutional Trading of Incyte
Several hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC increased its stake in shares of Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after purchasing an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Incyte by 15.1% in the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after purchasing an additional 648 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Incyte by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after purchasing an additional 48,751 shares during the period. United Services Automobile Association bought a new position in Incyte during the first quarter valued at $219,000. Finally, Focus Partners Wealth increased its position in Incyte by 74.1% in the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after buying an additional 8,951 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.
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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