Incyte (NASDAQ:INCY) Given New $67.00 Price Target at Royal Bank of Canada

Incyte (NASDAQ:INCY) had its price target hoisted by Royal Bank of Canada from $66.00 to $67.00 in a report released on Thursday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the biopharmaceutical company’s stock.

Several other equities research analysts also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Incyte from $55.00 to $60.00 and gave the stock a hold rating in a research note on Thursday, August 1st. Truist Financial reiterated a buy rating and issued a $83.00 price target (down previously from $84.00) on shares of Incyte in a research note on Wednesday, May 1st. BMO Capital Markets reissued an underperform rating and issued a $48.00 price target (down previously from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. StockNews.com lowered Incyte from a strong-buy rating to a buy rating in a research report on Thursday, May 2nd. Finally, Citigroup raised their price target on shares of Incyte from $80.00 to $88.00 and gave the stock a buy rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $73.29.

Incyte Trading Up 0.8 %

INCY stock traded up $0.48 during midday trading on Thursday, reaching $62.16. 1,324,715 shares of the company’s stock traded hands, compared to its average volume of 2,515,381. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 3.43. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $70.36. The business has a 50-day moving average price of $62.50 and a two-hundred day moving average price of $58.82. The company has a market capitalization of $13.96 billion, a P/E ratio of 18.82, a PEG ratio of 1.14 and a beta of 0.73.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period last year, the company posted $0.77 earnings per share. Equities research analysts forecast that Incyte will post 3.35 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In related news, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the sale, the insider now owns 21,634 shares of the company’s stock, valued at approximately $1,274,458.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Thomas Tray sold 1,093 shares of the company’s stock in a transaction dated 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Vijay K. Iyengar sold 15,571 shares of Incyte stock in a transaction dated 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 completion of the sale, the executive vice president now owns 36,701 shares in the company, valued at $2,569,070. The disclosure for this sale can be found here. Insiders sold a total of 45,282 shares of company stock worth $2,876,911 over the last ninety days. Company insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently bought and sold shares of INCY. Cape Investment Advisory Inc. bought a new position in shares of Incyte in the fourth quarter valued at approximately $25,000. MFA Wealth Advisors LLC bought a new position in Incyte during the 2nd quarter valued at $26,000. Larson Financial Group LLC lifted its position in shares of Incyte by 4,220.0% in the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 422 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new stake in shares of Incyte in the first quarter valued at $28,000. Finally, Riverview Trust Co acquired a new stake in Incyte during the 1st quarter worth about $29,000. 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.