Wells Fargo & Company Cuts Incyte (NASDAQ:INCY) Price Target to $62.00

Incyte (NASDAQ:INCY) had its price target cut by Wells Fargo & Company from $63.00 to $62.00 in a research note published on Thursday morning, Benzinga reports. They currently have an equal weight rating on the biopharmaceutical company’s stock.

A number of other brokerages have also issued reports on INCY. Wolfe Research initiated coverage on shares of Incyte in a research report on Tuesday, October 1st. They set an outperform rating and a $84.00 target price on the stock. BMO Capital Markets reissued an underperform rating and set a $48.00 price target (down from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Incyte from $55.00 to $60.00 and gave the stock a hold rating in a research note on Thursday, August 1st. Oppenheimer dropped their price target on shares of Incyte from $84.00 to $81.00 and set an outperform rating for the company in a research note on Friday, July 26th. Finally, Royal Bank of Canada reissued a sector perform rating and set a $67.00 price target on shares of Incyte in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Incyte currently has an average rating of Hold and a consensus target price of $73.21.

Incyte Stock Performance

NASDAQ:INCY opened at $66.12 on Thursday. The firm’s 50-day moving average is $64.30 and its 200-day moving average is $60.57. Incyte has a 52-week low of $50.27 and a 52-week high of $70.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The company has a market cap of $12.73 billion, a price-to-earnings ratio of 183.67, a PEG ratio of 5.30 and a beta of 0.73.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business’s revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.77 EPS. Equities research analysts anticipate that Incyte will post 0.66 earnings per share for the current year.

Insider Transactions at Incyte

In related news, insider Thomas Tray sold 572 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Thomas Tray sold 572 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Barry P. Flannelly sold 1,306 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total transaction of $83,832.14. Following the transaction, the executive vice president now owns 58,042 shares of the company’s stock, valued at $3,725,715.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,899 shares of company stock valued at $1,736,746 over the last quarter. Corporate insiders own 17.60% of the company’s stock.

Institutional Trading of Incyte

A number of large investors have recently added to or reduced their stakes in INCY. Pacer Advisors Inc. lifted its stake in Incyte by 17,460.4% in the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after acquiring an additional 2,676,851 shares during the last quarter. AQR Capital Management LLC lifted its stake in Incyte by 70.5% in the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after acquiring an additional 1,101,041 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after acquiring an additional 779,243 shares during the last quarter. Swedbank AB acquired a new stake in Incyte in the first quarter valued at $37,440,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in Incyte by 122.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock valued at $54,116,000 after acquiring an additional 490,680 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

About Incyte

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.