Incyte (NASDAQ:INCY) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Incyte (NASDAQ:INCY) from a buy rating to a strong-buy rating in a report published on Friday.

A number of other equities research analysts have also recently commented on the stock. Guggenheim reaffirmed a “neutral” rating on shares of Incyte in a report on Friday, September 19th. Bank of America lifted their price target on shares of Incyte from $90.00 to $104.00 and gave the stock a “buy” rating in a report on Thursday, September 4th. Truist Financial lifted their price target on shares of Incyte from $73.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, July 30th. Wells Fargo & Company raised shares of Incyte from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $67.00 to $89.00 in a report on Wednesday, August 6th. Finally, BMO Capital Markets reaffirmed an “underperform” rating and issued a $60.00 price target (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $83.64.

Incyte Price Performance

Shares of NASDAQ INCY opened at $86.85 on Friday. Incyte has a fifty-two week low of $53.56 and a fifty-two week high of $88.66. The stock has a market cap of $16.96 billion, a price-to-earnings ratio of 19.74, a PEG ratio of 0.67 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. The firm’s 50-day simple moving average is $83.27 and its 200 day simple moving average is $70.74.

Insiders Place Their Bets

In other Incyte news, EVP Steven H. Stein sold 14,952 shares of Incyte stock in a transaction on Monday, July 14th. The shares were sold at an average price of $68.47, for a total value of $1,023,763.44. Following the completion of the transaction, the executive vice president directly owned 97,466 shares of the company’s stock, valued at $6,673,497.02. This trade represents a 13.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of Incyte stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $82,225.22. Following the transaction, the executive vice president directly owned 35,929 shares of the company’s stock, valued at approximately $2,509,999.94. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,257 shares of company stock valued at $2,487,927 in the last three months. Corporate insiders own 17.80% of the company’s stock.

Institutional Investors Weigh In On Incyte

Hedge funds and other institutional investors have recently modified their holdings of the business. Banque Transatlantique SA purchased a new stake in shares of Incyte in the first quarter worth approximately $26,000. FNY Investment Advisers LLC purchased a new stake in shares of Incyte in the second quarter worth approximately $27,000. MUFG Securities EMEA plc purchased a new stake in shares of Incyte in the second quarter worth approximately $32,000. CYBER HORNET ETFs LLC purchased a new stake in shares of Incyte in the second quarter worth approximately $33,000. Finally, Hilltop National Bank purchased a new stake in shares of Incyte in the second quarter worth approximately $37,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.