Guggenheim Raises Incyte (NASDAQ:INCY) Price Target to $92.00

Incyte (NASDAQ:INCY) had its price target raised by research analysts at Guggenheim from $86.00 to $92.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Guggenheim’s price target would indicate a potential upside of 40.59% from the stock’s current price.

A number of other research firms have also recently weighed in on INCY. Citigroup boosted their price objective on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. JPMorgan Chase & Co. upped their price objective on shares of Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $67.00 price objective on shares of Incyte in a research note on Tuesday, September 3rd. Finally, Oppenheimer lowered their price objective on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $73.76.

Incyte Price Performance

INCY traded up $1.88 during trading hours on Monday, hitting $65.44. The company’s stock had a trading volume of 562,163 shares, compared to its average volume of 2,428,019. The business’s 50-day moving average price is $63.87 and its 200-day moving average price is $59.55. Incyte has a 12 month low of $50.27 and a 12 month high of $70.36. The stock has a market cap of $14.69 billion, a price-to-earnings ratio of 19.83, a P/E/G ratio of 5.03 and a beta of 0.73. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01.

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 the consensus estimate of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the firm posted $0.77 EPS. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. Sell-side analysts expect that Incyte will post 0.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total value of $488,880.00. Following the sale, the executive vice president now owns 50,534 shares in the company, valued at approximately $3,032,040. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the transaction, the executive vice president now owns 36,701 shares in the company, valued at approximately $2,569,070. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total value of $488,880.00. Following the transaction, the executive vice president now owns 50,534 shares in the company, valued at approximately $3,032,040. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,025 shares of company stock worth $1,662,682. 17.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in INCY. Cape Investment Advisory Inc. purchased a new position in shares of Incyte during the 4th quarter valued at approximately $25,000. MFA Wealth Advisors LLC purchased a new position in shares of Incyte during the 2nd quarter valued at approximately $26,000. Redmont Wealth Advisors LLC purchased a new position in shares of Incyte during the 1st quarter valued at approximately $28,000. Riverview Trust Co acquired a new stake in shares of Incyte in the 1st quarter worth $29,000. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Incyte in the 1st quarter worth $32,000. 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.