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

Incyte (NASDAQ:INCY) had its price objective upped by Royal Bank of Canada from $67.00 to $72.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price objective would suggest a potential downside of 1.21% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. William Blair reaffirmed an “outperform” rating on shares of Incyte in a report on Monday, September 9th. Citigroup raised their price objective on Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. 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 target price for the company. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a report on Monday, September 16th. Finally, Guggenheim boosted their price target on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $75.42.

Incyte Stock Performance

Shares of INCY stock traded down $0.72 during trading hours on Wednesday, reaching $72.88. 940,827 shares of the company’s stock were exchanged, compared to its average volume of 2,329,292. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. Incyte has a 1 year low of $50.27 and a 1 year high of $74.60. The company has a market cap of $14.04 billion, a P/E ratio of 22.13, a price-to-earnings-growth ratio of 5.31 and a beta of 0.73. The company’s 50 day moving average is $65.39 and its two-hundred day moving average is $61.51.

Incyte (NASDAQ:INCY) last released 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 net margin of 2.52% and a return on equity of 0.75%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the business posted $0.77 EPS. Incyte’s revenue was up 9.3% compared to the same quarter last year. Equities research analysts anticipate that Incyte will post 0.66 EPS for the current fiscal year.

Insider Activity

In other Incyte news, insider Thomas Tray sold 572 shares of the 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 transaction, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Incyte news, 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 transaction of $36,001.68. Following the sale, the insider now owns 24,825 shares in the company, valued at $1,562,485.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value 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 approximately $2,269,280.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.50% of the company’s stock.

Institutional Trading of Incyte

Several institutional investors have recently added to or reduced their stakes in INCY. Vanguard Group Inc. raised its stake in Incyte by 0.9% during the first quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock worth $1,294,120,000 after acquiring an additional 196,440 shares during the period. Acadian Asset Management LLC grew its holdings in shares of Incyte by 28.0% during the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after purchasing an additional 779,243 shares during the last quarter. LSV Asset Management raised its position in shares of Incyte by 0.5% during the 2nd quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock worth $167,911,000 after purchasing an additional 15,115 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Incyte by 17,460.4% in the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after purchasing an additional 2,676,851 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in Incyte by 70.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after purchasing an additional 1,101,041 shares during the period. Institutional investors 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.