Incyte (NASDAQ:INCY) Price Target Raised to $72.00

Incyte (NASDAQ:INCY) had its target price boosted by Royal Bank of Canada from $67.00 to $72.00 in a report released on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the biopharmaceutical company’s stock.

Other equities research analysts also recently issued research reports about the company. Guggenheim lifted their target price on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Wolfe Research began coverage on shares of Incyte in a research report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target on the stock. BMO Capital Markets restated an “underperform” rating and set a $52.00 price target (up from $48.00) on shares of Incyte in a research report on Wednesday. Oppenheimer lifted their price target on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Citigroup upped their price objective on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte presently has an average rating of “Hold” and a consensus price target of $76.74.

Incyte Trading Up 2.7 %

Incyte stock traded up $2.01 during mid-day trading on Wednesday, reaching $76.13. 2,261,651 shares of the company traded hands, compared to its average volume of 2,335,050. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.84. The firm’s 50 day moving average price is $66.04 and its 200 day moving average price is $61.84. The firm has a market capitalization of $14.67 billion, a price-to-earnings ratio of 543.79, a P/E/G ratio of 6.57 and a beta of 0.73. Incyte has a 52-week low of $50.35 and a 52-week high of $76.33.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the firm posted $0.91 EPS. The business’s revenue for the quarter was up 23.8% on a year-over-year basis. On average, analysts anticipate that Incyte will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the sale, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas Tray sold 572 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Incyte

Several hedge funds have recently modified their holdings of INCY. FORVIS Wealth Advisors LLC bought a new position in Incyte in the first quarter worth approximately $1,495,000. ProShare Advisors LLC grew its stake in shares of Incyte by 14.4% during the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock worth $3,594,000 after purchasing an additional 7,925 shares during the period. Kennedy Capital Management LLC acquired a new stake in Incyte during the 1st quarter worth $463,000. Magnetar Financial LLC purchased a new position in Incyte in the first quarter worth approximately $1,817,000. Finally, Andra AP fonden lifted its position in Incyte by 35.2% in the second quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock valued at $15,022,000 after buying an additional 64,500 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

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.