Incyte (NASDAQ:INCY) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Incyte (NASDAQ:INCY) had its price objective hoisted by Royal Bank of Canada from $72.00 to $80.00 in a research report released on Thursday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the biopharmaceutical company’s stock.

Several other analysts have also issued reports on the company. JPMorgan Chase & Co. upped their target price on Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research note on Monday, September 16th. Deutsche Bank Aktiengesellschaft raised their target price 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. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and upped their price target for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. Finally, The Goldman Sachs Group lifted 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. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $77.16.

Incyte Trading Down 2.4 %

NASDAQ INCY opened at $75.87 on Thursday. The stock has a market capitalization of $14.62 billion, a price-to-earnings ratio of 541.97, a PEG ratio of 8.75 and a beta of 0.71. Incyte has a 52 week low of $50.35 and a 52 week high of $83.95. The stock’s 50 day moving average price is $68.99 and its two-hundred day moving average price is $63.83. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the company posted $0.91 EPS. The business’s revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, analysts anticipate that Incyte will post 0.4 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In related news, EVP Barry P. Flannelly sold 3,680 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This represents a 18.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,702 shares of company stock valued at $856,166. 17.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

A number of institutional investors have recently modified their holdings of the stock. Avantax Advisory Services Inc. acquired a new position in Incyte in the first quarter valued at about $254,000. ProShare Advisors LLC raised its position in shares of Incyte by 14.4% in the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock valued at $3,594,000 after buying an additional 7,925 shares in the last quarter. Entropy Technologies LP bought a new stake in shares of Incyte during the 1st quarter worth approximately $327,000. State Board of Administration of Florida Retirement System boosted its position in shares of Incyte by 6.3% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 239,122 shares of the biopharmaceutical company’s stock worth $13,623,000 after acquiring an additional 14,219 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Incyte by 27.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 224,119 shares of the biopharmaceutical company’s stock valued at $12,768,000 after acquiring an additional 48,380 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.

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.