HC Wainwright Reiterates Buy Rating for Incyte (NASDAQ:INCY)

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They currently have a $140.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price objective suggests a potential upside of 21.05% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. TD Cowen reiterated a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. UBS Group raised their target price on Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Citigroup restated a “market perform” rating on shares of Incyte in a research report on Wednesday, July 15th. BMO Capital Markets boosted their target price on Incyte from $94.00 to $112.00 and gave the stock a “market perform” rating in a research report on Monday, July 13th. Finally, Stifel Nicolaus set a $123.00 price target on Incyte in a research note on Tuesday, June 9th. Eight equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $109.95.

Incyte Price Performance

INCY opened at $115.65 on Tuesday. The company has a fifty day moving average price of $105.29 and a two-hundred day moving average price of $101.16. The firm has a market capitalization of $23.10 billion, a PE ratio of 16.33, a P/E/G ratio of 1.06 and a beta of 0.76. Incyte has a 52 week low of $67.17 and a 52 week high of $119.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the business posted $1.16 EPS. The firm’s quarterly revenue was up 20.9% on a year-over-year basis. As a group, analysts anticipate that Incyte will post 6.61 earnings per share for the current year.

Institutional Trading of Incyte

Large investors have recently made changes to their positions in the company. Jacobi Capital Management LLC grew its holdings in shares of Incyte by 0.9% in the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after purchasing an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in Incyte by 0.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after buying an additional 100 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Incyte by 7.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock valued at $161,000 after buying an additional 113 shares during the last quarter. Bank of Nova Scotia boosted its position 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 buying an additional 124 shares during the period. Finally, Perbak Capital Partners LLP boosted its position in Incyte by 2.5% during the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock valued at $449,000 after buying an additional 129 shares during the period. Institutional investors own 96.97% of the company’s stock.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.