Incyte (NASDAQ:INCY) Given New $77.00 Price Target at Stifel Nicolaus

Incyte (NASDAQ:INCY) had its target price increased by Stifel Nicolaus from $75.00 to $77.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the biopharmaceutical company’s stock. Stifel Nicolaus’ price target points to a potential upside of 12.74% from the stock’s previous close.

A number of other research firms also recently issued reports on INCY. The Goldman Sachs Group increased their price target on Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Oppenheimer upped their price target on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research report on Tuesday, January 14th. Finally, Wells Fargo & Company upped their price objective on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $75.71.

Incyte Stock Down 7.9 %

NASDAQ:INCY opened at $68.30 on Monday. The stock has a fifty day simple moving average of $71.79 and a 200-day simple moving average of $69.18. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The company has a market cap of $13.16 billion, a price-to-earnings ratio of 487.89, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70. Incyte has a twelve month low of $50.35 and a twelve month high of $83.95.

Incyte (NASDAQ:INCY) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS 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%. Analysts anticipate that Incyte will post 0.35 EPS for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction dated 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 owns 66,967 shares in the company, valued at approximately $4,867,831.23. This trade represents a 15.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Thomas Tray sold 650 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $69.31, for a total value of $45,051.50. Following the completion of the sale, the insider now owns 23,312 shares in the company, valued at $1,615,754.72. The trade was a 2.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,695 shares of company stock valued at $1,444,356. 17.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Incyte

Several institutional investors have recently made changes to their positions in INCY. First Financial Bankshares Inc raised its position in shares of Incyte by 0.7% in the fourth quarter. First Financial Bankshares Inc now owns 40,067 shares of the biopharmaceutical company’s stock worth $2,767,000 after acquiring an additional 265 shares during the period. Koss Olinger Consulting LLC acquired a new position in Incyte in the 4th quarter worth about $1,677,000. Vinva Investment Management Ltd grew its holdings in Incyte by 827.1% in the fourth quarter. Vinva Investment Management Ltd now owns 112,259 shares of the biopharmaceutical company’s stock valued at $7,681,000 after purchasing an additional 100,151 shares during the period. Compass Ion Advisors LLC grew its holdings in Incyte by 293.5% in the fourth quarter. Compass Ion Advisors LLC now owns 13,894 shares of the biopharmaceutical company’s stock valued at $960,000 after purchasing an additional 10,363 shares during the period. Finally, Generali Asset Management SPA SGR acquired a new position in shares of Incyte during the 4th quarter worth approximately $2,658,000. 96.97% of the stock is owned by hedge funds and other 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.