Royal Bank of Canada Increases Incyte (NASDAQ:INCY) Price Target to $67.00

Incyte (NASDAQ:INCY) had its target price raised by Royal Bank of Canada from $66.00 to $67.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a sector perform rating on the biopharmaceutical company’s stock.

INCY has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price objective on Incyte from $59.00 to $61.00 and gave the company a neutral rating in a research note on Wednesday, July 31st. Bank of America lifted their target price on shares of Incyte from $62.00 to $66.00 and gave the stock a neutral rating in a report on Wednesday, July 31st. TD Cowen decreased their price target on shares of Incyte from $88.00 to $80.00 and set a buy rating for the company in a report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft raised their target price on Incyte from $55.00 to $60.00 and gave the company a hold rating in a report on Thursday, August 1st. Finally, BMO Capital Markets reiterated an underperform rating and set a $48.00 price target (down from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte currently has an average rating of Hold and an average price target of $73.29.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $62.16 on Thursday. The company has a quick ratio of 3.43, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. Incyte has a 52-week low of $50.27 and a 52-week high of $70.36. The stock has a market capitalization of $13.96 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 1.14 and a beta of 0.73. The stock’s fifty day simple moving average is $62.56 and its 200 day simple moving average is $58.83.

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

Insider Transactions at Incyte

In other news, insider Thomas Tray sold 1,093 shares of Incyte stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total transaction of $64,388.63. Following the completion of the transaction, the insider now directly owns 21,634 shares in the company, valued at approximately $1,274,458.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Barry P. Flannelly sold 1,306 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total value of $83,832.14. Following the completion of the sale, the executive vice president now directly owns 58,042 shares in the company, valued at $3,725,715.98. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Thomas Tray sold 1,093 shares of Incyte stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the transaction, the insider now directly owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The disclosure for this sale can be found here. Insiders have sold 45,282 shares of company stock worth $2,876,911 in the last ninety days. Insiders own 17.50% of the company’s stock.

Institutional Investors Weigh In On Incyte

A number of large investors have recently bought and sold shares of INCY. International Assets Investment Management LLC acquired a new stake in Incyte in the fourth quarter valued at approximately $264,000. Cerity Partners LLC acquired a new position in shares of Incyte in the fourth quarter worth approximately $316,000. Louisiana State Employees Retirement System bought a new stake in Incyte in the fourth quarter valued at approximately $703,000. Vontobel Holding Ltd. raised its holdings in Incyte by 2.2% during the 4th quarter. Vontobel Holding Ltd. now owns 17,045 shares of the biopharmaceutical company’s stock worth $1,070,000 after purchasing an additional 361 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of Incyte by 13.9% in the 4th quarter. Mackenzie Financial Corp now owns 373,789 shares of the biopharmaceutical company’s stock valued at $23,470,000 after purchasing an additional 45,578 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.