Incyte (NASDAQ:INCY) Price Target Raised to $68.00 at Bank of America

Incyte (NASDAQ:INCY) had its target price hoisted by investment analysts at Bank of America from $66.00 to $68.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. Bank of America‘s target price would indicate a potential upside of 6.99% from the stock’s previous close.

Several other research firms also recently issued reports on INCY. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Citigroup boosted their target price on shares of Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. BMO Capital Markets reaffirmed an “underperform” rating and issued a $48.00 price target (down previously from $52.00) on shares of Incyte in a research report on Tuesday, July 2nd. Oppenheimer decreased their price objective on Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a report on Friday, July 26th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $67.00 target price on shares of Incyte in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $73.41.

Incyte Stock Up 0.3 %

Shares of NASDAQ INCY opened at $63.56 on Monday. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. The firm has a market cap of $14.27 billion, a PE ratio of 19.26, a P/E/G ratio of 5.03 and a beta of 0.73. The company’s fifty day simple moving average is $63.87 and its 200 day simple moving average is $59.55. Incyte has a 12-month low of $50.27 and a 12-month high of $70.36.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the company posted $0.77 earnings per share. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Incyte will post 0.67 earnings per share for the current fiscal year.

Insider Activity

In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the transaction, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at $2,569,070. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the sale, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at $2,569,070. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 8,148 shares of Incyte stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the transaction, the executive vice president now owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The disclosure for this sale can be found here. Insiders sold 25,025 shares of company stock valued at $1,662,682 in the last three months. Company insiders own 17.50% of the company’s stock.

Institutional Investors Weigh In On Incyte

Several institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new stake in shares of Incyte during the 2nd quarter valued at $2,738,000. Teachers Retirement System of The State of Kentucky increased its position in shares of Incyte by 2,486.8% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 394,646 shares of the biopharmaceutical company’s stock valued at $23,923,000 after buying an additional 379,390 shares during the period. Delphi Management Inc. MA bought a new position in shares of Incyte in the second quarter valued at approximately $73,000. Advisory Alpha LLC boosted its position in shares of Incyte by 18.9% in the second quarter. Advisory Alpha LLC now owns 6,678 shares of the biopharmaceutical company’s stock valued at $405,000 after acquiring an additional 1,062 shares during the period. Finally, Truist Financial Corp purchased a new position in Incyte during the second quarter valued at approximately $1,122,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.