Incyte (NASDAQ:INCY) Upgraded at StockNews.com

Incyte (NASDAQ:INCY) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday.

Other equities analysts have also recently issued research reports about the company. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and raised their price target for the company from $68.00 to $90.00 in a report on Tuesday, October 29th. Morgan Stanley boosted their price target on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Citigroup boosted their target price on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. UBS Group began coverage on shares of Incyte in a report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price target for the company. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $70.00 price objective on shares of Incyte in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Incyte has an average rating of “Hold” and an average price target of $75.71.

Incyte Price Performance

INCY stock traded up $0.38 during mid-day trading on Tuesday, hitting $74.12. The company had a trading volume of 1,269,826 shares, compared to its average volume of 1,375,910. The company has a market capitalization of $14.28 billion, a price-to-earnings ratio of 529.47, a P/E/G ratio of 0.54 and a beta of 0.70. The company has a 50-day moving average price of $71.83 and a 200 day moving average price of $68.93. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95.

Insiders Place Their Bets

In other Incyte news, insider Thomas Tray sold 650 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $70.64, for a total transaction of $45,916.00. Following the transaction, the insider now owns 23,962 shares of the company’s stock, valued at approximately $1,692,675.68. This trade represents a 2.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Steven H. Stein sold 12,352 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the sale, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at $4,867,831.23. The trade was a 15.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,375 shares of company stock worth $1,737,578 in the last ninety days. 17.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Incyte

Hedge funds have recently made changes to their positions in the stock. Global X Japan Co. Ltd. raised its holdings in Incyte by 144.7% in the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 230 shares in the last quarter. R Squared Ltd purchased a new position in shares of Incyte in the 4th quarter worth approximately $30,000. Brooklyn Investment Group bought a new position in shares of Incyte during the 3rd quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Incyte during the third quarter valued at approximately $33,000. Finally, Cromwell Holdings LLC boosted its stake in 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 acquiring an additional 283 shares in the last quarter. 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.