Incyte (NASDAQ:INCY) Upgraded to “Buy” at BidaskClub

BidaskClub upgraded shares of Incyte (NASDAQ:INCY) from a hold rating to a buy rating in a research report sent to investors on Friday morning, BidAskClub reports.

Several other research firms also recently issued reports on INCY. Nomura Securities restated a buy rating and issued a $116.00 price objective on shares of Incyte in a research note on Wednesday, April 8th. Cantor Fitzgerald upped their target price on Incyte from $83.00 to $100.00 and gave the company a neutral rating in a research report on Tuesday, May 19th. Zacks Investment Research lowered Incyte from a hold rating to a sell rating and set a $93.00 price target on the stock. in a research report on Thursday, April 9th. Piper Sandler boosted their price objective on Incyte from $95.00 to $110.00 and gave the company an overweight rating in a research note on Monday, April 20th. Finally, BMO Capital Markets raised their target price on shares of Incyte from $74.00 to $90.00 and gave the stock a market perform rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have issued a buy rating to the stock. Incyte currently has an average rating of Buy and an average target price of $100.29.

Shares of NASDAQ:INCY traded down $3.11 during trading hours on Friday, reaching $104.76. The stock had a trading volume of 794,600 shares, compared to its average volume of 1,420,452. Incyte has a 1 year low of $62.48 and a 1 year high of $110.36. The firm’s 50 day moving average is $100.45 and its 200-day moving average is $87.15. The stock has a market capitalization of $23.45 billion, a price-to-earnings ratio of -59.86 and a beta of 1.05. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.38 and a current ratio of 3.41.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($2.86) EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($3.17). Incyte had a negative return on equity of 12.81% and a negative net margin of 16.87%. The firm had revenue of $568.51 million for the quarter, compared to analyst estimates of $553.24 million. During the same quarter in the previous year, the firm posted $0.62 EPS. The business’s revenue for the quarter was up 14.2% on a year-over-year basis. Analysts forecast that Incyte will post -1.29 EPS for the current year.

In related news, CEO Herve Hoppenot sold 124,148 shares of Incyte stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $102.91, for a total transaction of $12,776,070.68. Following the completion of the sale, the chief executive officer now owns 245,250 shares in the company, valued at approximately $25,238,677.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Dashyant Dhanak sold 961 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $96.84, for a total transaction of $93,063.24. Following the completion of the transaction, the executive vice president now directly owns 20,948 shares of the company’s stock, valued at approximately $2,028,604.32. The disclosure for this sale can be found here. Insiders sold 277,867 shares of company stock worth $29,060,543 in the last ninety days. Insiders own 16.10% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. AGF Investments LLC grew its holdings in Incyte by 3.2% in the 1st quarter. AGF Investments LLC now owns 3,477 shares of the biopharmaceutical company’s stock valued at $255,000 after buying an additional 107 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in Incyte by 0.4% during the first quarter. Mercer Global Advisors Inc. ADV now owns 34,267 shares of the biopharmaceutical company’s stock worth $2,509,000 after acquiring an additional 129 shares during the last quarter. Dai Ichi Life Insurance Company Ltd raised its holdings in shares of Incyte by 0.9% in the 4th quarter. Dai Ichi Life Insurance Company Ltd now owns 14,576 shares of the biopharmaceutical company’s stock worth $1,273,000 after purchasing an additional 133 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of Incyte by 1.8% in the 4th quarter. Thrivent Financial for Lutherans now owns 8,149 shares of the biopharmaceutical company’s stock valued at $712,000 after purchasing an additional 145 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Incyte by 0.8% during the 1st quarter. Rockefeller Capital Management L.P. now owns 22,282 shares of the biopharmaceutical company’s stock worth $1,632,000 after purchasing an additional 178 shares during the period. Institutional investors and hedge funds own 91.34% of the company’s stock.

About Incyte

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Analyst Recommendations for Incyte (NASDAQ:INCY)

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