Oppenheimer Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price objective increased by Oppenheimer from $81.00 to $82.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the biopharmaceutical company’s stock.

INCY has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. JMP Securities reiterated a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and increased their price objective for the company from $68.00 to $90.00 in a research note on Tuesday. Royal Bank of Canada reissued a “sector perform” rating and set a $67.00 target price on shares of Incyte in a research report on Tuesday, September 3rd. Finally, BMO Capital Markets reissued an “underperform” rating and set a $52.00 target price (up previously from $48.00) on shares of Incyte in a research report on Wednesday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Incyte currently has an average rating of “Hold” and a consensus target price of $76.74.

Incyte Price Performance

Shares of INCY stock opened at $73.93 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. The company has a market capitalization of $14.24 billion, a P/E ratio of 22.40, a P/E/G ratio of 5.31 and a beta of 0.73. The company’s 50-day simple moving average is $65.58 and its two-hundred day simple moving average is $61.60. Incyte has a one year low of $50.27 and a one year high of $74.60.

Incyte (NASDAQ:INCY) last issued its 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). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company earned $0.77 earnings per share. Incyte’s revenue was up 9.3% on a year-over-year basis. As a group, equities analysts anticipate that Incyte will post 0.66 EPS for the current year.

Insider Buying and Selling

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares in the company, valued at approximately $2,269,280.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Greenwood Capital Associates LLC acquired a new stake in Incyte during the third quarter valued at $433,000. Forum Financial Management LP acquired a new stake in shares of Incyte in the third quarter valued at about $232,000. Robeco Institutional Asset Management B.V. grew its position in shares of Incyte by 5.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock valued at $83,680,000 after purchasing an additional 70,596 shares during the period. Integrated Advisors Network LLC acquired a new stake in shares of Incyte in the third quarter valued at about $967,000. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of Incyte by 40.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 37,043 shares of the biopharmaceutical company’s stock valued at $2,449,000 after purchasing an additional 10,627 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Company Profile

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.