Incyte (NASDAQ:INCY) Given New $68.00 Price Target at Royal Bank of Canada

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

INCY has been the topic of several other reports. William Blair reissued an “outperform” rating on shares of Incyte in a research report on Friday, December 13th. UBS Group began coverage on Incyte in a research report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price target on the stock. StockNews.com raised Incyte from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, February 4th. Stifel Nicolaus boosted their price target on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research report on Monday. Finally, Citigroup reduced their price target on Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research report on Tuesday. One equities research 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $75.59.

Incyte Stock Performance

NASDAQ INCY opened at $66.33 on Tuesday. The firm 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. Incyte has a 1-year low of $50.35 and a 1-year high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The business’s 50-day simple moving average is $71.69 and its 200-day simple moving average is $69.18.

Incyte (NASDAQ:INCY) last released its quarterly earnings data 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%. Equities analysts predict that Incyte will post 0.35 EPS for the current year.

Insider Buying and Selling

In other Incyte news, insider Thomas Tray sold 650 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $70.64, for a total value of $45,916.00. Following the sale, the insider now directly owns 23,962 shares of the company’s stock, valued at $1,692,675.68. This trade represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Vijay K. Iyengar sold 6,043 shares of the stock in a transaction 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 completion of the sale, the executive vice president now directly owns 30,658 shares in the company, valued at $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. Insiders have sold 19,695 shares of company stock worth $1,444,356 over the last ninety days. 17.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Incyte

Several large investors have recently added to or reduced their stakes in INCY. Point72 Asset Management L.P. acquired a new stake in Incyte in the third quarter worth $156,611,000. Mizuho Securities USA LLC increased its holdings in shares of Incyte by 13,814.7% during the third quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock valued at $132,207,000 after purchasing an additional 1,985,726 shares during the period. Sound Shore Management Inc. CT increased its holdings in shares of Incyte by 98.4% during the fourth quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company’s stock valued at $82,959,000 after purchasing an additional 595,741 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Incyte by 29.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,609,220 shares of the biopharmaceutical company’s stock valued at $106,369,000 after purchasing an additional 364,169 shares during the period. Finally, Candriam S.C.A. increased its holdings in shares of Incyte by 27.8% during the fourth quarter. Candriam S.C.A. now owns 1,034,652 shares of the biopharmaceutical company’s stock valued at $71,463,000 after purchasing an additional 224,919 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

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.