Incyte (NASDAQ:INCY) Price Target Raised to $112.00

Incyte (NASDAQ:INCY) had its price target increased by investment analysts at BMO Capital Markets from $94.00 to $112.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the biopharmaceutical company’s stock. BMO Capital Markets’ price target indicates a potential downside of 4.04% from the company’s current price.

A number of other research analysts also recently commented on INCY. Royal Bank Of Canada boosted their target price on Incyte from $95.00 to $99.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 7th. Oppenheimer reaffirmed a “market perform” rating and set a $107.00 price objective on shares of Incyte in a research report on Monday, June 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Incyte in a research report on Monday, June 29th. Stifel Nicolaus set a $123.00 price target on Incyte in a research note on Tuesday, June 9th. Finally, UBS Group increased their price objective on Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Incyte currently has an average rating of “Hold” and a consensus price target of $109.10.

Incyte Price Performance

NASDAQ INCY opened at $116.71 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The firm has a market capitalization of $23.32 billion, a price-to-earnings ratio of 16.48, a price-to-earnings-growth ratio of 1.07 and a beta of 0.76. The company has a 50 day simple moving average of $103.20 and a 200-day simple moving average of $100.50. Incyte has a 52-week low of $67.17 and a 52-week high of $118.97.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the business earned $1.16 EPS. The company’s revenue for the quarter was up 20.9% compared to the same quarter last year. Equities research analysts predict that Incyte will post 6.61 earnings per share for the current fiscal year.

Insider Activity at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Incyte

Hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC increased its position in Incyte by 369.3% during the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after acquiring an additional 9,913 shares during the period. Jones Financial Companies Lllp grew its position in Incyte by 15.1% in the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after purchasing an additional 648 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after purchasing an additional 48,751 shares during the period. United Services Automobile Association acquired a new position in shares of Incyte during the first quarter valued at about $219,000. Finally, Focus Partners Wealth raised its position in shares of Incyte by 74.1% during the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after buying an additional 8,951 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.