Incyte (NASDAQ:INCY) Price Target Raised to $102.00

Incyte (NASDAQ:INCY) had its price target hoisted by Piper Sandler from $82.00 to $102.00 in a research report released on Tuesday, MarketBeat reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Several other research firms have also weighed in on INCY. Wells Fargo & Company boosted their target price on shares of Incyte from $89.00 to $97.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Incyte in a report on Wednesday, October 8th. UBS Group reissued a “neutral” rating and set a $68.00 price objective (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. BMO Capital Markets restated an “underperform” rating and issued a $60.00 price target (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $92.77.

Incyte Stock Performance

NASDAQ:INCY opened at $105.20 on Tuesday. The company has a current ratio of 3.20, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average price is $87.86 and its 200-day moving average price is $76.01. Incyte has a twelve month low of $53.56 and a twelve month high of $106.47. The company has a market cap of $20.65 billion, a P/E ratio of 17.62, a P/E/G ratio of 0.70 and a beta of 0.74.

Insider Transactions at Incyte

In other Incyte news, EVP Lee Heeson sold 3,074 shares of Incyte stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $94.02, for a total value of $289,017.48. Following the sale, the executive vice president owned 29,241 shares of the company’s stock, valued at approximately $2,749,238.82. The trade was a 9.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sheila A. Denton sold 598 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total value of $60,613.28. Following the transaction, the executive vice president directly owned 26,569 shares in the company, valued at $2,693,033.84. This represents a 2.20% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 4,227 shares of company stock valued at $396,327. 17.80% of the stock is owned by insiders.

Institutional Trading of Incyte

Several large investors have recently bought and sold shares of the company. Bank of Nova Scotia increased its holdings in Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after acquiring an additional 124 shares in the last quarter. MAI Capital Management increased its stake in Incyte by 19.9% in the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock valued at $51,000 after purchasing an additional 125 shares during the last quarter. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of Incyte by 0.9% during the 3rd quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock worth $1,235,000 after acquiring an additional 125 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Incyte by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company’s stock valued at $612,000 after purchasing an additional 147 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in Incyte by 10.1% in the second quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company’s stock valued at $116,000 after acquiring an additional 156 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.