Incyte (NASDAQ:INCY) Price Target Raised to $77.00

Incyte (NASDAQ:INCY) had its price objective boosted by Stifel Nicolaus from $75.00 to $77.00 in a report issued on Monday morning,Benzinga reports. Stifel Nicolaus currently has a hold rating on the biopharmaceutical company’s stock.

Several other brokerages have also commented on INCY. BMO Capital Markets reiterated an “underperform” rating and issued a $52.00 target price (up previously from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. Royal Bank of Canada reiterated a “sector perform” rating and set a $70.00 target price on shares of Incyte in a research note on Thursday, January 23rd. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and raised their price target for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. The Goldman Sachs Group boosted their price objective on shares of Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. upped their target price on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $75.71.

Incyte Trading Down 7.9 %

INCY opened at $68.30 on Monday. The stock has a market capitalization of $13.16 billion, a PE ratio of 487.89, a P/E/G ratio of 0.53 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95. The firm’s fifty day moving average price is $71.79 and its 200 day moving average price is $69.18.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. As a group, research analysts expect that Incyte will post 0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Vijay K. Iyengar sold 6,043 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the sale, the executive vice president now owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. The trade was a 16.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Steven H. Stein sold 12,352 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the transaction, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at $4,867,831.23. This represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,695 shares of company stock worth $1,444,356. 17.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Incyte

Several hedge funds have recently made changes to their positions in the business. Quintet Private Bank Europe S.A. acquired a new stake in Incyte during the fourth quarter valued at approximately $26,000. Global X Japan Co. Ltd. increased its holdings in shares of Incyte by 144.7% in the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 230 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Incyte during the 3rd quarter valued at $30,000. R Squared Ltd bought a new stake in shares of Incyte during the 4th quarter worth $30,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Incyte in the 3rd quarter worth $33,000. 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.