Oppenheimer Raises Incyte (NASDAQ:INCY) Price Target to $82.00

Incyte (NASDAQ:INCY) had its price target lifted by Oppenheimer from $81.00 to $82.00 in a report issued on Wednesday, Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

INCY has been the subject of several other research reports. William Blair restated an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Deutsche Bank Aktiengesellschaft increased their price objective on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Citigroup lifted their price objective on Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada reissued a “sector perform” rating and issued a $67.00 target price on shares of Incyte in a research note on Tuesday, September 3rd. Finally, BMO Capital Markets restated an “underperform” rating and issued a $52.00 price target (up from $48.00) on shares of Incyte in a report on Wednesday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Incyte presently has an average rating of “Hold” and a consensus price target of $76.74.

Incyte Stock Performance

INCY stock traded up $2.01 during trading on Wednesday, reaching $76.13. 2,261,651 shares of the company’s stock were exchanged, compared to its average volume of 2,335,050. The company has a quick ratio of 1.84, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The firm has a market cap of $14.67 billion, a PE ratio of 543.79, a P/E/G ratio of 6.57 and a beta of 0.73. The company’s fifty day moving average price is $66.04 and its 200-day moving average price is $61.84. Incyte has a 1-year low of $50.35 and a 1-year high of $76.33.

Incyte (NASDAQ:INCY) last announced its earnings results 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). The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The firm’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same period last year, the firm earned $0.91 earnings per share. On average, research analysts expect that Incyte will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares in the company, valued at approximately $2,269,280.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas Tray sold 572 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the sale, 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. 17.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Incyte

A number of institutional investors have recently made changes to their positions in INCY. MFA Wealth Advisors LLC bought a new position in Incyte in the second quarter worth approximately $26,000. Innealta Capital LLC bought a new stake in shares of Incyte during the 2nd quarter valued at $32,000. Cromwell Holdings LLC raised its position in shares of Incyte by 101.1% during the 3rd quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock valued at $37,000 after purchasing an additional 283 shares during the period. Fidelis Capital Partners LLC purchased a new position in Incyte during the first quarter valued at $32,000. Finally, Itau Unibanco Holding S.A. purchased a new position in Incyte during the second quarter valued at $36,000. Hedge funds and other institutional investors 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.