Citigroup Forecasts Strong Price Appreciation for Incyte (NASDAQ:INCY) Stock

Incyte (NASDAQ:INCY) had its price objective boosted by Citigroup from $92.00 to $97.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

Other research analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft increased their target price on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Guggenheim increased their target price on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. increased their target price on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday. BMO Capital Markets reissued an “underperform” rating and issued a $52.00 target price (up previously from $48.00) on shares of Incyte in a report on Wednesday. Finally, Wolfe Research started coverage on Incyte in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 price objective for the company. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Incyte has a consensus rating of “Hold” and an average target price of $76.74.

Incyte Trading Up 2.7 %

INCY opened at $76.13 on Wednesday. Incyte has a twelve month low of $50.35 and a twelve month high of $76.33. The company has a 50-day simple moving average of $66.04 and a 200 day simple moving average of $61.84. 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 stock has a market capitalization of $14.67 billion, a price-to-earnings ratio of 543.79, a P/E/G ratio of 6.57 and a beta of 0.73.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the company earned $0.91 EPS. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. Analysts predict that Incyte will post 0.51 EPS for the current fiscal year.

Insider Transactions at Incyte

In other news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were 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 of the company’s stock, valued at $1,562,485.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas Tray sold 572 shares of the stock in a transaction on Thursday, September 12th. The stock was 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 owns 24,825 shares in the company, valued at approximately $1,562,485.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several large investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP bought a new position in Incyte during the 3rd quarter valued at $45,000. JB Capital LLC lifted its stake in Incyte by 2.5% during the 3rd quarter. JB Capital LLC now owns 46,628 shares of the biopharmaceutical company’s stock valued at $3,082,000 after acquiring an additional 1,150 shares in the last quarter. Greenwood Capital Associates LLC bought a new position in Incyte during the 3rd quarter valued at $433,000. Forum Financial Management LP bought a new position in Incyte during the 3rd quarter valued at $232,000. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Incyte by 5.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock valued at $83,680,000 after acquiring an additional 70,596 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

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.