Royal Bank of Canada Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price target raised by Royal Bank of Canada from $67.00 to $72.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target indicates a potential downside of 1.21% from the stock’s previous close.

INCY has been the topic of several other reports. JMP Securities reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. Guggenheim upped their price target on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. Truist Financial reiterated a “hold” rating and issued a $74.00 target price (down from $83.00) on shares of Incyte in a report on Wednesday, September 18th. JPMorgan Chase & Co. raised 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. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $75.42.

Incyte Stock Performance

NASDAQ INCY traded down $0.72 on Wednesday, hitting $72.88. The stock had a trading volume of 940,827 shares, compared to its average volume of 2,329,292. The company’s 50-day moving average is $65.39 and its two-hundred day moving average is $61.51. Incyte has a one year low of $50.27 and a one year high of $74.60. The stock has a market cap of $14.04 billion, a price-to-earnings ratio of 22.13, a P/E/G ratio of 5.31 and a beta of 0.73. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company earned $0.77 EPS. The business’s quarterly revenue was up 9.3% on a year-over-year basis. On average, analysts expect that Incyte will post 0.66 earnings per share for the current year.

Insider Activity at Incyte

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the sale, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related 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 transaction, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Incyte

Institutional investors and hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC raised its holdings in Incyte by 13.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 9,944 shares of the biopharmaceutical company’s stock worth $566,000 after acquiring an additional 1,146 shares during the period. First Trust Direct Indexing L.P. grew its holdings in shares of Incyte by 10.3% during the 1st quarter. First Trust Direct Indexing L.P. now owns 30,271 shares of the biopharmaceutical company’s stock worth $1,725,000 after purchasing an additional 2,817 shares in the last quarter. FORVIS Wealth Advisors LLC bought a new stake in shares of Incyte during the first quarter valued at approximately $1,495,000. Van ECK Associates Corp raised its stake in shares of Incyte by 0.3% in the first quarter. Van ECK Associates Corp now owns 156,972 shares of the biopharmaceutical company’s stock valued at $8,942,000 after purchasing an additional 432 shares in the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in Incyte in the first quarter worth $236,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.