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

Incyte (NASDAQ:INCY) had its target price hoisted by Wells Fargo & Company from $68.00 to $70.00 in a research report released on Thursday morning,Benzinga reports. They currently have an equal weight rating on the biopharmaceutical company’s stock.

INCY has been the subject of a number of other reports. BMO Capital Markets restated an “underperform” rating and issued a $52.00 price objective (up from $48.00) on shares of Incyte in a report on Wednesday, October 30th. JMP Securities restated a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. William Blair restated an “outperform” rating on shares of Incyte in a report on Friday, December 13th. Morgan Stanley boosted their price objective on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, Truist Financial reiterated a “hold” rating and set a $74.00 target price (down from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $76.29.

Incyte Trading Up 1.3 %

Shares of INCY traded up $0.89 during trading hours on Thursday, hitting $67.95. The company had a trading volume of 259,635 shares, compared to its average volume of 2,326,117. The firm has a market cap of $13.09 billion, a P/E ratio of 485.39, a P/E/G ratio of 8.36 and a beta of 0.69. The stock’s 50 day moving average price is $72.36 and its 200 day moving average price is $66.49. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte has a 52-week low of $50.35 and a 52-week high of $83.95.

Incyte (NASDAQ:INCY) last posted its 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). The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The firm’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 earnings per share. On average, research analysts predict that Incyte will post 0.4 EPS for the current year.

Insider Activity

In related news, EVP Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the transaction, the executive vice president now owns 30,658 shares of the company’s stock, valued at $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas Tray sold 650 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $70.64, for a total transaction of $45,916.00. Following the transaction, the insider now directly owns 23,962 shares of the company’s stock, valued at approximately $1,692,675.68. This trade represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,023 shares of company stock worth $839,711. Corporate insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC increased its stake 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 worth $215,833,000 after purchasing an additional 779,243 shares in the last quarter. LSV Asset Management increased its stake in shares of Incyte by 0.5% during the second 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 in the last quarter. Pacer Advisors Inc. increased its stake in shares of Incyte by 17,460.4% during the second 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 in the last quarter. AQR Capital Management LLC increased its stake in shares of Incyte by 70.5% during the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock worth $159,905,000 after purchasing an additional 1,101,041 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Incyte in the 3rd quarter valued at approximately $156,611,000. Hedge funds and other 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.