Wall Street Zen upgraded shares of Incyte (NASDAQ:INCY – Free Report) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.
A number of other research firms have also recently weighed in on INCY. Leerink Partners upped their price objective on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. BMO Capital Markets lifted their price objective on Incyte from $112.00 to $130.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. TD Cowen upgraded Incyte to a “strong-buy” rating in a research note on Monday, August 24th. Canaccord Genuity Group assumed coverage on Incyte in a report on Thursday, August 20th. They set a “buy” rating and a $152.00 target price for the company. Finally, UBS Group raised their target price on Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $123.10.
Read Our Latest Analysis on Incyte
Incyte Stock Performance
Incyte (NASDAQ:INCY – Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the company earned $1.57 earnings per share. Incyte’s quarterly revenue was up 37.7% compared to the same quarter last year. On average, equities research analysts forecast that Incyte will post 2.64 earnings per share for the current year.
Insiders Place Their Bets
In other 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 transaction of $5,005,254.54. Following the transaction, the executive vice president 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 legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares of the company’s stock, valued at $23,002,592. This represents a 5.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.
Institutional Trading of Incyte
Several hedge funds have recently made changes to their positions in INCY. California State Teachers Retirement System raised its position in shares of Incyte by 11,644.8% during the 2nd quarter. California State Teachers Retirement System now owns 28,338,640 shares of the biopharmaceutical company’s stock valued at $3,212,468,000 after buying an additional 28,097,353 shares during the period. BlackRock Inc. purchased a new position in Incyte in the second quarter worth approximately $2,044,189,000. Legal & General Group Plc purchased a new position in Incyte in the second quarter worth approximately $182,054,000. Caisse de depot et placement du Quebec acquired a new stake in Incyte during the second quarter worth $155,360,000. Finally, Deutsche Bank AG acquired a new stake in Incyte during the second quarter worth $143,172,000. Hedge funds and other 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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