Citigroup Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its target price lifted by Citigroup from $92.00 to $97.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

Several other research analysts have also recently commented on the company. JPMorgan Chase & Co. increased their price target on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday. Truist Financial reaffirmed a “hold” rating and issued a $74.00 price objective (down from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. Guggenheim raised their price objective on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research report on Monday, September 16th. Finally, Oppenheimer raised their price objective on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $76.74.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $73.93 on Wednesday. The stock has a 50 day moving average price of $65.58 and a 200 day moving average price of $61.60. Incyte has a 52 week low of $50.27 and a 52 week high of $74.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The stock has a market capitalization of $14.24 billion, a PE ratio of 22.40, a price-to-earnings-growth ratio of 5.31 and a beta of 0.73.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The company 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 business’s revenue for the quarter was up 9.3% on a year-over-year basis. Analysts predict that Incyte will post 0.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at $1,562,485.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Incyte by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock valued at $1,294,120,000 after purchasing an additional 196,440 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Incyte by 28.0% in the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after purchasing an additional 779,243 shares during the last quarter. LSV Asset Management increased its stake in shares of Incyte by 0.5% in the 2nd quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock valued at $167,911,000 after purchasing an additional 15,115 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Incyte by 17,460.4% in the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after purchasing an additional 2,676,851 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Incyte by 70.5% in the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after purchasing an additional 1,101,041 shares during the last quarter. 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.