Incyte (NASDAQ:INCY) Price Target Increased to $88.00 by Analysts at Citigroup

Incyte (NASDAQ:INCY) had its target price boosted by Citigroup from $80.00 to $88.00 in a research report released on Wednesday, Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

A number of other research firms have also recently commented on INCY. Bank of America upped their price objective on shares of Incyte from $62.00 to $66.00 and gave the company a neutral rating in a research report on Wednesday. Truist Financial restated a buy rating and issued a $83.00 price objective (down previously from $84.00) on shares of Incyte in a research report on Wednesday, May 1st. Cantor Fitzgerald restated a neutral rating on shares of Incyte in a research report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft began coverage on shares of Incyte in a research note on Thursday, May 23rd. They issued a hold rating and a $55.00 target price for the company. Finally, StockNews.com lowered shares of Incyte from a strong-buy rating to a buy rating in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Incyte currently has a consensus rating of Hold and an average target price of $73.24.

Incyte Stock Performance

Shares of Incyte stock opened at $64.47 on Wednesday. The firm has a fifty day moving average of $61.88 and a two-hundred day moving average of $58.81. The stock has a market capitalization of $12.42 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 1.14 and a beta of 0.73. Incyte has a 52 week low of $50.27 and a 52 week high of $70.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.43 and a current ratio of 1.92.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing the consensus estimate of $0.78 by ($2.60). The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.77 EPS. As a group, equities research analysts predict that Incyte will post 3.35 EPS for the current year.

Insider Activity at Incyte

In other news, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total transaction of $64,388.63. Following the transaction, the insider now directly owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total transaction of $64,388.63. Following the transaction, the insider now directly owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 19,164 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the transaction, the executive vice president now directly owns 66,377 shares in the company, valued at $3,982,620. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,282 shares of company stock worth $2,876,911. Insiders own 17.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in INCY. Deseret Mutual Benefit Administrators boosted its position in shares of Incyte by 37.1% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 164 shares in the last quarter. Moody National Bank Trust Division boosted its position in Incyte by 1.3% in the second quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock valued at $861,000 after buying an additional 179 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Incyte by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 44,169 shares of the biopharmaceutical company’s stock worth $2,773,000 after buying an additional 187 shares during the last quarter. 180 Wealth Advisors LLC grew its stake in shares of Incyte by 4.5% during the first quarter. 180 Wealth Advisors LLC now owns 4,764 shares of the biopharmaceutical company’s stock worth $271,000 after buying an additional 204 shares during the last quarter. Finally, Berger Financial Group Inc grew its stake in shares of Incyte by 0.4% during the fourth quarter. Berger Financial Group Inc now owns 60,468 shares of the biopharmaceutical company’s stock worth $3,797,000 after buying an additional 212 shares during the last quarter. 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.