Incyte (NASDAQ:INCY) Price Target Raised to $70.00

Incyte (NASDAQ:INCY) had its target price increased by The Goldman Sachs Group from $63.00 to $70.00 in a report published on Wednesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the biopharmaceutical company’s stock.

Other equities research analysts have also issued research reports about the company. Royal Bank of Canada upped their target price on Incyte from $67.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday. Morgan Stanley lifted their price objective on Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research note on Wednesday. BMO Capital Markets reiterated an “underperform” rating and issued a $52.00 price objective (up previously from $48.00) on shares of Incyte in a report on Wednesday. Wolfe Research began coverage on Incyte in a report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price target on Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Incyte presently has a consensus rating of “Hold” and a consensus target price of $76.74.

Incyte Stock Performance

INCY traded up $2.01 on Wednesday, hitting $76.13. The company had a trading volume of 2,261,651 shares, 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 company’s fifty day moving average price is $66.04 and its 200 day moving average price is $61.84. The stock has a market cap of $14.67 billion, a price-to-earnings ratio of 543.79, a price-to-earnings-growth ratio of 6.57 and a beta of 0.73. Incyte has a 1-year low of $50.35 and a 1-year high of $76.33.

Incyte (NASDAQ:INCY) last posted 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 firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the business earned $0.91 EPS. Incyte’s revenue was up 23.8% on a year-over-year basis. Equities analysts predict that Incyte will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, insider Thomas Tray sold 572 shares of the business’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 completion of the sale, the insider now owns 24,825 shares in the company, valued at $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Thomas Tray sold 572 shares of the stock in a transaction dated 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 owns 24,825 shares of the company’s stock, valued at $1,562,485.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was 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 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 17.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in INCY. Wealth Enhancement Advisory Services LLC increased its stake in Incyte by 13.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 9,944 shares of the biopharmaceutical company’s stock worth $566,000 after buying an additional 1,146 shares during the period. First Trust Direct Indexing L.P. grew its holdings in Incyte by 10.3% in the 1st quarter. First Trust Direct Indexing L.P. now owns 30,271 shares of the biopharmaceutical company’s stock valued at $1,725,000 after buying an additional 2,817 shares in the last quarter. FORVIS Wealth Advisors LLC purchased a new position in shares of Incyte during the 1st quarter worth $1,495,000. Van ECK Associates Corp boosted its holdings in Incyte by 0.3% during the 1st quarter. Van ECK Associates Corp now owns 156,972 shares of the biopharmaceutical company’s stock valued at $8,942,000 after acquiring an additional 432 shares during the period. Finally, Sequoia Financial Advisors LLC acquired a new stake in Incyte in the 1st quarter valued at about $236,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.