Incyte (NASDAQ:INCY) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Incyte (NASDAQ:INCY) had its target price hoisted by analysts at Wells Fargo & Company from $68.00 to $70.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 3.12% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Wolfe Research assumed coverage on shares of Incyte in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 price target on the stock. Oppenheimer lifted their price target on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. UBS Group assumed coverage on shares of Incyte in a research report on Tuesday. They issued a “neutral” rating and a $77.00 price objective for the company. Truist Financial reiterated a “hold” rating and set a $74.00 target price (down from $83.00) on shares of Incyte in a report on Wednesday, September 18th. Finally, Morgan Stanley raised their price target on Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $76.29.

Incyte Trading Up 0.5 %

Shares of INCY traded up $0.33 during trading hours on Thursday, hitting $67.88. 40,361 shares of the stock traded hands, compared to its average volume of 2,326,514. The firm has a market capitalization of $13.08 billion, a PE ratio of 484.89, a price-to-earnings-growth ratio of 8.36 and a beta of 0.69. Incyte has a 1-year low of $50.35 and a 1-year high of $83.95. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $72.33 and a 200-day moving average of $66.49.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.12). The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. During the same quarter in the prior year, the business earned $0.91 earnings per share. The firm’s revenue for the quarter was up 23.8% on a year-over-year basis. Analysts expect that Incyte will post 0.4 EPS for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Barry P. Flannelly sold 3,680 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the completion of the transaction, the executive vice president now owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This represents a 5.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas Tray sold 650 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $70.64, for a total value of $45,916.00. Following the completion of the transaction, the insider now directly owns 23,962 shares of the company’s stock, valued at $1,692,675.68. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,023 shares of company stock worth $839,711 in the last 90 days. Company insiders own 17.60% of the company’s stock.

Institutional Trading of Incyte

Several institutional investors have recently modified their holdings of INCY. Orion Portfolio Solutions LLC acquired a new position in shares of Incyte in the 3rd quarter valued at about $770,000. Greenwood Capital Associates LLC purchased a new stake in shares of Incyte during the 3rd quarter worth approximately $433,000. Tri Ri Asset Management Corp bought a new position in Incyte in the 3rd quarter worth approximately $3,292,000. Andra AP fonden boosted its holdings in Incyte by 35.2% in the 2nd quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock valued at $15,022,000 after purchasing an additional 64,500 shares during the period. Finally, Cypress Capital Group bought a new position in shares of Incyte in the third quarter worth approximately $971,000. Institutional investors own 96.97% of the company’s stock.

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.