Mizuho Forecasts Strong Price Appreciation for Incyte (NASDAQ:INCY) Stock

Incyte (NASDAQ:INCY) had its price target lifted by Mizuho from $121.00 to $137.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Mizuho’s price target points to a potential upside of 13.94% from the stock’s previous close.

INCY has been the topic of a number of other research reports. Leerink Partners increased their price objective on Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a report on Monday. Weiss Ratings upgraded Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Royal Bank Of Canada boosted their price objective on shares of Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 29th. HC Wainwright upped their price objective on shares of Incyte from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Morgan Stanley set a $119.00 target price on shares of Incyte in a research note on Wednesday, July 29th. Ten equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat, Incyte currently has a consensus rating of “Hold” and a consensus price target of $120.40.

Incyte Price Performance

Shares of INCY stock traded up $1.81 on Tuesday, hitting $120.24. The company’s stock had a trading volume of 982,388 shares, compared to its average volume of 1,789,361. The stock has a market capitalization of $24.37 billion, a price-to-earnings ratio of 15.31, a P/E/G ratio of 3.96 and a beta of 0.76. Incyte has a fifty-two week low of $76.45 and a fifty-two week high of $132.60. The firm’s fifty day moving average price is $109.97 and its 200-day moving average price is $102.32.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the business posted $1.57 earnings per share. The business’s quarterly revenue was up 37.7% on a year-over-year basis. Analysts predict that Incyte will post 2.5 EPS for the current fiscal year.

Institutional Trading of Incyte

A number of large investors have recently added to or reduced their stakes in the company. Elyxium Wealth LLC acquired a new stake in Incyte in the 4th quarter valued at about $28,000. Smithfield Trust Co grew its holdings in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 162 shares during the last quarter. MUFG Securities EMEA plc bought a new stake in shares of Incyte in the 2nd quarter valued at $32,000. CYBER HORNET ETFs LLC acquired a new stake in shares of Incyte during the second quarter worth $33,000. Finally, Leonteq Securities AG bought a new position in Incyte during the fourth quarter worth $35,000. Institutional investors and hedge funds 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.