Incyte’s (INCY) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Incyte (NASDAQ:INCY) in a research report report published on Thursday,Benzinga reports. The firm currently has a $70.00 target price on the biopharmaceutical company’s stock.

A number of other research firms also recently issued reports on INCY. StockNews.com downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 13th. UBS Group assumed coverage on shares of Incyte in a report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price target on the stock. William Blair restated an “outperform” rating on shares of Incyte in a report on Friday, December 13th. Wolfe Research assumed coverage on shares of Incyte in a research note on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price objective on the stock. Finally, The Goldman Sachs Group boosted their price objective on shares of Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $75.71.

Incyte Stock Up 0.2 %

Shares of INCY stock opened at $72.53 on Thursday. The company’s fifty day simple moving average is $71.86 and its two-hundred day simple moving average is $68.30. Incyte has a 52 week low of $50.35 and a 52 week high of $83.95. The stock has a market cap of $13.97 billion, a P/E ratio of 518.11, a PEG ratio of 0.53 and a beta of 0.71. 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 quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the company posted $0.91 earnings per share. Incyte’s quarterly revenue was up 23.8% on a year-over-year basis. Analysts predict that Incyte will post 0.4 EPS for the current fiscal year.

Insider Activity at Incyte

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the sale, the executive vice president now owns 66,967 shares in the company, valued at approximately $4,867,831.23. This represents a 15.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vijay K. Iyengar sold 6,043 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the transaction, the executive vice president now owns 30,658 shares in the company, valued at approximately $2,311,000.04. This represents a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,375 shares of company stock valued at $1,737,578. 17.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Incyte

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in shares of Incyte by 24.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,181,269 shares of the biopharmaceutical company’s stock worth $71,617,000 after acquiring an additional 230,665 shares during the last quarter. Gabelli Funds LLC increased its position in Incyte by 7.3% during the second quarter. Gabelli Funds LLC now owns 15,237 shares of the biopharmaceutical company’s stock worth $924,000 after purchasing an additional 1,037 shares during the last quarter. Public Sector Pension Investment Board raised its stake in Incyte by 71.5% during the second quarter. Public Sector Pension Investment Board now owns 6,322 shares of the biopharmaceutical company’s stock worth $383,000 after purchasing an additional 2,636 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Incyte by 32.6% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 30,129 shares of the biopharmaceutical company’s stock valued at $1,826,000 after purchasing an additional 7,403 shares during the last quarter. Finally, AXA S.A. grew its stake in shares of Incyte by 4.4% in the 2nd quarter. AXA S.A. now owns 188,835 shares of the biopharmaceutical company’s stock valued at $11,447,000 after buying an additional 8,014 shares during the period. Institutional investors and hedge funds 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.