Incyte (NASDAQ:INCY) PT Raised to $68.00

Incyte (NASDAQ:INCY) had its target price increased by research analysts at Bank of America from $66.00 to $68.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “neutral” rating on the biopharmaceutical company’s stock. Bank of America‘s price objective suggests a potential upside of 2.36% from the company’s previous close.

INCY has been the topic of a number of other reports. BMO Capital Markets restated an “underperform” rating and issued a $48.00 price objective (down from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. William Blair restated an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Royal Bank of Canada restated a “sector perform” rating and issued a $67.00 price objective on shares of Incyte in a research note on Tuesday, September 3rd. Citigroup upped their price target on Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Oppenheimer decreased their price target on Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Incyte currently has an average rating of “Hold” and a consensus price target of $73.76.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $66.43 on Monday. The company’s 50-day moving average is $64.14 and its 200 day moving average is $59.66. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The company has a market capitalization of $14.92 billion, a P/E ratio of 20.13, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $70.36.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data 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 firm 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 firm posted $0.77 earnings per share. The company’s revenue was up 9.3% on a year-over-year basis. On average, equities research analysts forecast that Incyte will post 0.67 earnings per share for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total value of $488,880.00. Following the completion of the sale, the executive vice president now owns 50,534 shares of the company’s stock, valued at $3,032,040. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Barry P. Flannelly sold 1,306 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total transaction of $83,832.14. Following the completion of the sale, the executive vice president now owns 58,042 shares of the company’s stock, valued at $3,725,715.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total value of $488,880.00. Following the sale, the executive vice president now directly owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock valued at $2,225,626 over the last quarter. 17.50% of the stock is owned by corporate insiders.

Institutional Trading of Incyte

A number of institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. raised its holdings in shares of Incyte by 17,460.4% during the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after acquiring an additional 2,676,851 shares in the last quarter. Norges Bank bought a new position in shares of Incyte during the fourth quarter valued at approximately $123,253,000. AQR Capital Management LLC raised its holdings in shares of Incyte by 70.5% during the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after acquiring an additional 1,101,041 shares in the last quarter. KBC Group NV raised its holdings in shares of Incyte by 842.2% during the fourth quarter. KBC Group NV now owns 955,749 shares of the biopharmaceutical company’s stock valued at $60,011,000 after acquiring an additional 854,311 shares in the last quarter. Finally, Acadian Asset Management LLC raised its holdings in shares of Incyte by 28.0% during the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after acquiring an additional 779,243 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.