Incyte (NASDAQ:INCY) Given New $66.00 Price Target at Bank of America

Incyte (NASDAQ:INCY) had its target price hoisted by stock analysts at Bank of America from $62.00 to $66.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. Bank of America‘s price objective indicates a potential downside of 2.64% from the company’s previous close.

INCY has been the subject of several other research reports. Oppenheimer lowered their price target on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a research report on Friday, July 26th. Truist Financial restated a “buy” rating and set a $83.00 price objective (down previously from $84.00) on shares of Incyte in a report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Incyte in a report on Thursday, May 23rd. They set a “hold” rating and a $55.00 price objective for the company. StockNews.com cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 2nd. Finally, BMO Capital Markets restated an “underperform” rating and set a $48.00 price objective (down previously from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Incyte presently has a consensus rating of “Hold” and an average target price of $73.19.

Incyte Trading Down 1.2 %

INCY opened at $67.79 on Wednesday. Incyte has a 1-year low of $50.27 and a 1-year high of $70.36. The firm has a 50-day moving average price of $61.46 and a two-hundred day moving average price of $58.71. The company has a current ratio of 3.47, a quick ratio of 3.43 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $15.22 billion, a PE ratio of 20.54, a PEG ratio of 1.58 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 return on equity of 12.83% and a net margin of 19.78%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the firm earned $0.77 EPS. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, equities analysts anticipate that Incyte will post 3.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the sale, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at $2,569,070. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the transaction, the executive vice president now directly owns 36,701 shares in the company, valued at $2,569,070. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Thomas Tray sold 1,093 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total transaction of $64,388.63. Following the completion of the transaction, the insider now owns 21,634 shares in the company, valued at $1,274,458.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,282 shares of company stock valued at $2,876,911. 17.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Incyte

Several institutional investors and hedge funds have recently modified their holdings of INCY. Cape Investment Advisory Inc. acquired a new position in shares of Incyte in the fourth quarter valued at about $25,000. MFA Wealth Advisors LLC acquired a new position in shares of Incyte in the second quarter valued at about $26,000. Larson Financial Group LLC lifted its position in Incyte by 4,220.0% during the fourth quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 422 shares during the period. Redmont Wealth Advisors LLC bought a new stake in Incyte during the first quarter worth about $28,000. Finally, Riverview Trust Co bought a new stake in Incyte during the first quarter worth about $29,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.