Wells Fargo & Company Forecasts Strong Price Appreciation for Incyte (NASDAQ:INCY) Stock

Incyte (NASDAQ:INCY) had its target price boosted by Wells Fargo & Company from $62.00 to $68.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 7.34% from the stock’s current price.

Several other brokerages have also commented on INCY. Guggenheim boosted their price target on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Wolfe Research assumed coverage on shares of Incyte in a research report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target on the stock. Royal Bank of Canada upped their target price on shares of Incyte from $67.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday. JMP Securities reiterated a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. Finally, JPMorgan Chase & Co. increased their price target on Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $76.74.

Incyte Trading Down 0.3 %

INCY stock traded down $0.21 during trading on Wednesday, hitting $73.39. The company had a trading volume of 1,274,131 shares, compared to its average volume of 2,331,241. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $14.13 billion, a P/E ratio of 22.24, a PEG ratio of 5.31 and a beta of 0.73. The company has a 50 day simple moving average of $65.39 and a 200-day simple moving average of $61.51. Incyte has a 52-week low of $50.27 and a 52-week high of $74.60.

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

Insider Buying and Selling

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas Tray sold 572 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the sale, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Greenwood Capital Associates LLC purchased a new position in Incyte in the third quarter worth $433,000. Forum Financial Management LP purchased a new stake in Incyte during the third quarter valued at about $232,000. Robeco Institutional Asset Management B.V. boosted its position in Incyte by 5.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock valued at $83,680,000 after buying an additional 70,596 shares during the period. Integrated Advisors Network LLC purchased a new stake in Incyte during the third quarter valued at about $967,000. Finally, China Universal Asset Management Co. Ltd. boosted its position in Incyte by 40.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 37,043 shares of the biopharmaceutical company’s stock valued at $2,449,000 after buying an additional 10,627 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.