Incyte (NASDAQ:INCY) Price Target Raised to $68.00

Incyte (NASDAQ:INCY) had its price objective upped by Bank of America from $66.00 to $68.00 in a research report released on Monday, Benzinga reports. They currently have a neutral rating on the biopharmaceutical company’s stock.

Several other research analysts also recently issued reports on INCY. Royal Bank of Canada restated a sector perform rating and set a $67.00 price objective on shares of Incyte in a report on Tuesday, September 3rd. William Blair reaffirmed an outperform rating on shares of Incyte in a report on Monday, September 9th. Deutsche Bank Aktiengesellschaft raised their price objective on Incyte from $55.00 to $60.00 and gave the stock a hold rating in a research report on Thursday, August 1st. Oppenheimer cut their target price on Incyte from $84.00 to $81.00 and set an outperform rating for the company in a research note on Friday, July 26th. Finally, Cantor Fitzgerald reiterated a neutral rating on shares of Incyte in a research note on Monday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $73.24.

Incyte Stock Performance

INCY opened at $65.17 on Monday. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average price is $64.23 and its two-hundred day moving average price is $59.70. The firm has a market capitalization of $14.63 billion, a P/E ratio of 19.75, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73. Incyte has a 12-month low of $50.27 and a 12-month high of $70.36.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The company’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.77 EPS. On average, equities analysts forecast that Incyte will post 0.67 earnings per share for the current year.

Insider Activity

In related news, EVP Vijay K. Iyengar sold 15,571 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Incyte news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction that occurred 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 in the company, valued at $2,569,070. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,047 shares of company stock worth $2,225,626. Insiders own 17.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its stake in shares of Incyte by 7.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 950,626 shares of the biopharmaceutical company’s stock valued at $59,689,000 after buying an additional 62,380 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Incyte by 126.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 51,821 shares of the biopharmaceutical company’s stock valued at $3,254,000 after acquiring an additional 28,938 shares during the last quarter. Quadrant Capital Group LLC increased its position in Incyte by 85.2% in the fourth quarter. Quadrant Capital Group LLC now owns 711 shares of the biopharmaceutical company’s stock worth $45,000 after purchasing an additional 327 shares during the period. Great Lakes Advisors LLC bought a new stake in Incyte during the 4th quarter worth about $2,033,000. Finally, ING Groep NV lifted its position in Incyte by 356.8% during the 4th quarter. ING Groep NV now owns 106,665 shares of the biopharmaceutical company’s stock valued at $6,697,000 after purchasing an additional 83,315 shares during the period. 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.