Incyte (NASDAQ:INCY) Price Target Raised to $80.00 at Royal Bank of Canada

Incyte (NASDAQ:INCY) had its price objective increased by analysts at Royal Bank of Canada from $72.00 to $80.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 1.19% from the stock’s current price.

A number of other research analysts also recently issued reports on INCY. Citigroup boosted their price target on Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Truist Financial reiterated a “hold” rating and issued a $74.00 price target (down previously from $83.00) on shares of Incyte in a report on Wednesday, September 18th. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research report on Monday, September 9th. Wolfe Research started coverage on shares of Incyte in a research report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target on the stock. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Incyte has an average rating of “Hold” and an average price target of $77.16.

Incyte Price Performance

Shares of INCY stock traded down $1.42 during trading hours on Thursday, hitting $79.06. 386,030 shares of the company’s stock were exchanged, compared to its average volume of 2,328,320. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95. The company has a market capitalization of $15.23 billion, a PE ratio of 564.71, a PEG ratio of 9.29 and a beta of 0.71. The business’s 50 day simple moving average is $68.40 and its 200-day simple moving average is $63.48. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (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 company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period last year, the business posted $0.91 earnings per share. The firm’s quarterly revenue was up 23.8% compared to the same quarter last year. On average, equities research analysts anticipate that Incyte will post 0.4 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 3,680 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Incyte news, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the transaction, the executive vice president now owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the sale, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,702 shares of company stock worth $856,166. 17.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently modified their holdings of the stock. MFA Wealth Advisors LLC purchased a new position in shares of Incyte during the 2nd quarter worth about $26,000. Brooklyn Investment Group purchased a new position in shares of Incyte during the third quarter valued at approximately $30,000. Innealta Capital LLC bought a new position in shares of Incyte during the second quarter valued at approximately $32,000. Cromwell Holdings LLC raised its holdings in shares of Incyte by 101.1% in the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after buying an additional 283 shares during the period. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Incyte during the 2nd quarter worth approximately $36,000. 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.