Royal Bank of Canada Cuts Incyte (NASDAQ:INCY) Price Target to $68.00

Incyte (NASDAQ:INCY) had its price objective decreased by Royal Bank of Canada from $70.00 to $68.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the biopharmaceutical company’s stock.

A number of other equities analysts have also weighed in on INCY. Stifel Nicolaus increased their price target on Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research report on Monday. Oppenheimer increased their price target on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group increased their price target on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. UBS Group initiated coverage on Incyte in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price target for the company. Finally, StockNews.com upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $75.59.

Incyte Trading Down 2.9 %

Shares of INCY stock opened at $66.33 on Tuesday. The stock has a 50-day simple moving average of $71.69 and a 200 day simple moving average of $69.18. Incyte has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The stock has a market capitalization of $12.78 billion, a P/E ratio of 473.82, a P/E/G ratio of 0.53 and a beta of 0.70. 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 (NASDAQ:INCY) last announced its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. On average, sell-side analysts expect that Incyte will post 0.35 earnings per share for the current fiscal year.

Insider Transactions at Incyte

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Haverford Trust Co increased its position in Incyte by 1.8% in the 3rd quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock worth $515,000 after buying an additional 135 shares during the period. Retirement Systems of Alabama increased its position in Incyte by 0.4% in the 4th quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company’s stock worth $2,391,000 after buying an additional 139 shares during the period. V Square Quantitative Management LLC increased its position in Incyte by 4.1% in the 3rd quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock worth $262,000 after buying an additional 155 shares during the period. Trust Point Inc. increased its position in Incyte by 5.0% in the 4th quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company’s stock worth $227,000 after buying an additional 156 shares during the period. Finally, Mather Group LLC. increased its position in Incyte by 26.4% in the 4th quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company’s stock worth $57,000 after buying an additional 173 shares during the period. 96.97% of the stock is owned by 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.