Bank of America Boosts Incyte (NASDAQ:INCY) Price Target to $68.00

Incyte (NASDAQ:INCY) had its target price hoisted by Bank of America from $66.00 to $68.00 in a report released on Monday, Benzinga reports. The firm currently has a “neutral” rating on the biopharmaceutical company’s stock. Bank of America‘s price objective would indicate a potential upside of 6.99% from the company’s previous close.

A number of other research firms have also recently issued reports on INCY. Citigroup upped their price objective on Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft increased their price target on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a report on Monday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $67.00 target price on shares of Incyte in a report on Tuesday, September 3rd. Finally, Oppenheimer lowered their price target on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $73.41.

Incyte Stock Performance

Shares of INCY opened at $63.56 on Monday. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average price of $63.87 and a 200-day moving average price of $59.55. The company has a market cap of $14.27 billion, a PE ratio of 19.26, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73. Incyte has a 12-month low of $50.27 and a 12-month high of $70.36.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. Incyte’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.77 EPS. As a group, equities analysts forecast that Incyte will post 0.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, EVP Barry P. Flannelly sold 1,306 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total value of $83,832.14. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $3,725,715.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Incyte news, EVP Barry P. Flannelly sold 1,306 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total transaction of $83,832.14. Following the transaction, the executive vice president now owns 58,042 shares in the company, valued at approximately $3,725,715.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Vijay K. Iyengar sold 15,571 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the transaction, the executive vice president now owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The disclosure for this sale can be found here. Insiders sold 25,025 shares of company stock valued at $1,662,682 over the last quarter. 17.50% of the stock is owned by company insiders.

Institutional Trading of Incyte

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Cape Investment Advisory Inc. purchased a new position in Incyte during the 4th quarter valued at about $25,000. MFA Wealth Advisors LLC bought a new stake in shares of Incyte in the 2nd quarter worth approximately $26,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Incyte in the 1st quarter worth approximately $28,000. Riverview Trust Co bought a new position in Incyte during the 1st quarter valued at approximately $29,000. Finally, Fidelis Capital Partners LLC purchased a new position in Incyte during the first quarter valued at $32,000. 96.97% of the stock is 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.