Royal Bank of Canada Reiterates “Sector Perform” Rating for Incyte (NASDAQ:INCY)

Incyte (NASDAQ:INCY)‘s stock had its “sector perform” rating restated by equities research analysts at Royal Bank of Canada in a note issued to investors on Thursday,Benzinga reports. They presently have a $70.00 price objective on the biopharmaceutical company’s stock. Royal Bank of Canada’s target price would suggest a potential downside of 2.93% from the company’s previous close.

INCY has been the topic of several other reports. UBS Group initiated coverage on Incyte in a research report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price target on the stock. William Blair reissued an “outperform” rating on shares of Incyte in a report on Friday, December 13th. BMO Capital Markets reaffirmed an “underperform” rating and set a $52.00 price objective (up from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price target on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $75.71.

Incyte Price Performance

INCY traded down $0.30 during trading on Thursday, reaching $72.11. The stock had a trading volume of 229,505 shares, compared to its average volume of 1,405,304. The business has a 50-day moving average of $71.86 and a 200-day moving average of $68.30. Incyte has a one year low of $50.35 and a one year high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. The stock has a market cap of $13.89 billion, a PE ratio of 516.00, a PEG ratio of 0.53 and a beta of 0.71.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The firm’s revenue was up 23.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 earnings per share. As a group, equities research analysts anticipate that Incyte will post 0.4 EPS for the current fiscal year.

Insider Activity at Incyte

In other news, insider Thomas Tray sold 650 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $70.64, for a total value of $45,916.00. Following the completion of the sale, the insider now directly owns 23,962 shares in the company, valued at $1,692,675.68. This represents a 2.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total value of $293,222.40. Following the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $4,624,786.56. The trade was a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,375 shares of company stock valued at $1,737,578 over the last 90 days. Corporate insiders own 17.60% of the company’s stock.

Institutional Trading of Incyte

Several institutional investors and hedge funds have recently modified their holdings of INCY. Brooklyn Investment Group bought a new position in Incyte in the 3rd quarter worth approximately $30,000. R Squared Ltd bought a new stake in Incyte in the 4th quarter valued at $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Incyte during the 3rd quarter valued at about $33,000. Cromwell Holdings LLC grew its position in shares of Incyte by 101.1% during the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock valued at $37,000 after purchasing an additional 283 shares in the last quarter. Finally, Groupama Asset Managment lifted its position in shares of Incyte by 11.4% in the third quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company’s stock worth $39,000 after buying an additional 6,105 shares in the last quarter. 96.97% of the stock is currently owned by 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.