Incyte (NASDAQ:INCY) Price Target Increased to $66.00 by Analysts at Royal Bank of Canada

Incyte (NASDAQ:INCY) had its price target upped by Royal Bank of Canada from $61.00 to $66.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price objective would indicate a potential downside of 0.20% from the company’s current price.

INCY has been the subject of several other research reports. Truist Financial reaffirmed a “buy” rating and issued a $83.00 target price (down previously from $84.00) on shares of Incyte in a research note on Wednesday, May 1st. TD Cowen lowered their price objective on Incyte from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Bank of America boosted their price objective on Incyte from $62.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft assumed coverage on Incyte in a research report on Thursday, May 23rd. They issued a “hold” rating and a $55.00 price objective for the company. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research report on Tuesday, June 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Incyte currently has a consensus rating of “Hold” and an average price target of $73.25.

Incyte Price Performance

Shares of NASDAQ INCY traded down $1.66 during midday trading on Wednesday, hitting $66.13. 364,272 shares of the company’s stock were exchanged, compared to its average volume of 2,548,882. Incyte has a 12-month low of $50.27 and a 12-month high of $70.36. The company has a current ratio of 3.47, a quick ratio of 3.43 and a debt-to-equity ratio of 0.01. The company has a market cap of $14.85 billion, a price-to-earnings ratio of 20.04, a PEG ratio of 1.58 and a beta of 0.73. The business’s fifty day moving average price is $61.46 and its two-hundred day moving average price is $58.71.

Incyte (NASDAQ:INCY) last issued its earnings results 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 firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a return on equity of 12.83% and a net margin of 19.78%. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.77 EPS. As a group, research analysts forecast that Incyte will post 3.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, insider Thomas Tray sold 1,093 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the transaction, the insider now owns 21,634 shares in the company, valued at $1,274,458.94. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Incyte news, insider Thomas Tray sold 1,093 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the transaction, the insider now owns 21,634 shares in the company, valued at $1,274,458.94. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the transaction, the executive vice president now owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 45,282 shares of company stock worth $2,876,911. 17.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Incyte

Institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP grew its stake in shares of Incyte by 48.8% in the fourth quarter. Wellington Management Group LLP now owns 131,649 shares of the biopharmaceutical company’s stock worth $8,266,000 after acquiring an additional 43,160 shares during the last quarter. Fulton Bank N.A. purchased a new stake in shares of Incyte during the first quarter valued at $1,425,000. Russell Investments Group Ltd. boosted its position in shares of Incyte by 29.3% during the fourth quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company’s stock valued at $60,465,000 after buying an additional 217,979 shares during the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of Incyte during the fourth quarter valued at $2,033,000. Finally, FORVIS Wealth Advisors LLC purchased a new stake in shares of Incyte during the first quarter valued at $1,495,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.