Royal Bank of Canada Cuts Incyte (NASDAQ:INCY) Price Target to $68.00

Incyte (NASDAQ:INCY) had its target price trimmed by Royal Bank of Canada from $70.00 to $68.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has a sector perform rating on the biopharmaceutical company’s stock.

A number of other research firms also recently weighed in on INCY. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and upped their target price for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. UBS Group started coverage on Incyte in a research report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective for the company. Oppenheimer increased their price objective on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, JMP Securities reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Incyte has a consensus rating of “Hold” and a consensus target price of $75.59.

Incyte Stock Performance

INCY opened at $70.01 on Tuesday. The company has a market capitalization of $13.49 billion, a price-to-earnings ratio of 500.11, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. Incyte has a 1-year low of $50.35 and a 1-year high of $83.95. The business has a 50 day moving average price of $71.47 and a two-hundred day moving average price of $69.16.

Incyte (NASDAQ:INCY) last released its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. Research analysts predict that Incyte will post 0.35 EPS for the current fiscal year.

Insider Activity

In other news, EVP Vijay K. Iyengar sold 6,043 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the transaction, the executive vice president now directly owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. This represents a 16.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Steven H. Stein sold 12,352 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the transaction, the executive vice president now directly owns 66,967 shares in the company, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,695 shares of company stock worth $1,444,356 over the last quarter. Corporate insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of hedge funds have recently modified their holdings of INCY. Point72 Asset Management L.P. acquired a new position in shares of Incyte in the third quarter worth $156,611,000. Mizuho Securities USA LLC increased its position in Incyte by 13,814.7% during the third quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock worth $132,207,000 after buying an additional 1,985,726 shares during the last quarter. Norges Bank acquired a new position in Incyte during the fourth quarter worth $121,890,000. Sound Shore Management Inc. CT increased its position in Incyte by 98.4% during the fourth quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company’s stock worth $82,959,000 after buying an additional 595,741 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its position in Incyte by 73.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company’s stock worth $90,749,000 after buying an additional 556,218 shares during the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

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.