Incyte (NASDAQ:INCY – Get Free Report) was upgraded by stock analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday.
A number of other analysts have also recently issued reports on the company. Stifel Nicolaus increased their price objective on Incyte from $73.00 to $76.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. JMP Securities reaffirmed a “market outperform” rating and issued a $93.00 price target on shares of Incyte in a report on Wednesday, August 2nd. Citigroup assumed coverage on Incyte in a report on Tuesday, July 25th. They issued a “buy” rating and a $82.00 price target on the stock. Truist Financial reaffirmed a “buy” rating and issued a $91.00 price target on shares of Incyte in a report on Thursday. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $92.00 price target on shares of Incyte in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte currently has a consensus rating of “Hold” and an average price target of $82.00.
Check Out Our Latest Analysis on INCY
Incyte Stock Performance
Incyte (NASDAQ:INCY – Get Free Report) last issued its quarterly earnings data on Tuesday, August 1st. The biopharmaceutical company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.08. The business had revenue of $954.61 million for the quarter, compared to analysts’ expectations of $920.18 million. Incyte had a return on equity of 9.25% and a net margin of 10.43%. Research analysts forecast that Incyte will post 2.98 EPS for the current fiscal year.
Hedge Funds Weigh In On Incyte
Several institutional investors and hedge funds have recently bought and sold shares of INCY. Royal Bank of Canada grew its position in Incyte by 117.4% during the 1st quarter. Royal Bank of Canada now owns 7,682,752 shares of the biopharmaceutical company’s stock worth $610,164,000 after acquiring an additional 4,148,559 shares during the last quarter. BlackRock Inc. grew its position in Incyte by 15.7% during the 2nd quarter. BlackRock Inc. now owns 23,882,396 shares of the biopharmaceutical company’s stock worth $1,486,679,000 after acquiring an additional 3,246,531 shares during the last quarter. Norges Bank bought a new position in Incyte during the 4th quarter worth approximately $125,169,000. Bank Julius Baer & Co. Ltd Zurich grew its position in Incyte by 31,943.5% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,472,398 shares of the biopharmaceutical company’s stock worth $91,657,000 after acquiring an additional 1,467,803 shares during the last quarter. Finally, Pictet Asset Management SA grew its position in Incyte by 168.8% during the 1st quarter. Pictet Asset Management SA now owns 2,216,141 shares of the biopharmaceutical company’s stock worth $160,161,000 after acquiring an additional 1,391,714 shares during the last quarter. 92.61% of the stock is currently owned by 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, Europe, Japan, and internationally. The company offers JAKAFI (ruxolitinib), for the treatment of adults with intermediate or high-risk myelofibrosis; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab), for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
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