Incyte (NASDAQ:INCY) Upgraded at StockNews.com

StockNews.com upgraded shares of Incyte (NASDAQ:INCY) from a buy rating to a strong-buy rating in a report published on Tuesday morning.

Several other research firms have also commented on INCY. BMO Capital Markets reiterated an “underperform” rating and set a $52.00 price objective (up previously from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. William Blair reissued an “outperform” rating on shares of Incyte in a research report on Friday, December 13th. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. Wells Fargo & Company upped their price objective on shares of Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $75.71.

Incyte Trading Up 0.5 %

NASDAQ:INCY opened at $74.12 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. The firm has a market cap of $14.28 billion, a P/E ratio of 529.47, a P/E/G ratio of 0.54 and a beta of 0.70. The firm has a 50-day simple moving average of $71.83 and a 200-day simple moving average of $68.93. Incyte has a one year low of $50.35 and a one year high of $83.95.

Insider Buying and Selling

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the transaction, the executive vice president now directly owns 66,967 shares in the company, valued at approximately $4,867,831.23. This represents a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas Tray sold 650 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $69.31, for a total transaction of $45,051.50. Following the transaction, the insider now owns 23,312 shares of the company’s stock, valued at $1,615,754.72. This represents a 2.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,695 shares of company stock valued at $1,444,356. Corporate insiders own 17.60% of the company’s stock.

Institutional Investors Weigh In On Incyte

Hedge funds have recently modified their holdings of the business. Global X Japan Co. Ltd. raised its position in shares of Incyte by 144.7% in the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 230 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Incyte in the third quarter valued at about $30,000. R Squared Ltd acquired a new stake in shares of Incyte in the fourth quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Incyte in the third quarter valued at about $33,000. Finally, Cromwell Holdings LLC raised its position in shares of Incyte by 101.1% in the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 283 shares during the last quarter. 96.97% of the stock is currently 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.