The Goldman Sachs Group Raises Incyte (NASDAQ:INCY) Price Target to $70.00

Incyte (NASDAQ:INCY) had its price target lifted by research analysts at The Goldman Sachs Group from $63.00 to $70.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the biopharmaceutical company’s stock. The Goldman Sachs Group’s target price points to a potential downside of 5.56% from the company’s previous close.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. boosted their price objective on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday. Guggenheim boosted their price objective on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Oppenheimer boosted their price objective on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday. JMP Securities restated a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $74.00 price target (down previously from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $76.74.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $74.12 on Wednesday. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $65.80 and its two-hundred day moving average is $61.68. The company has a market cap of $14.28 billion, a P/E ratio of 22.46, a P/E/G ratio of 5.31 and a beta of 0.73. Incyte has a 12 month low of $50.27 and a 12 month high of $74.68.

Incyte (NASDAQ:INCY) last released 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). The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.77 earnings per share. On average, equities analysts expect that Incyte will post 0.66 EPS for the current year.

Insiders Place Their Bets

In other Incyte news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Thomas Tray sold 572 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was 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 $1,562,485.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several large investors have recently made changes to their positions in INCY. MFA Wealth Advisors LLC bought a new stake in Incyte in the second quarter valued at about $26,000. Fidelis Capital Partners LLC bought a new stake in Incyte in the first quarter valued at about $32,000. Innealta Capital LLC bought a new stake in Incyte in the second quarter valued at about $32,000. Itau Unibanco Holding S.A. bought a new stake in Incyte in the second quarter valued at about $36,000. Finally, Deseret Mutual Benefit Administrators increased its holdings in Incyte by 37.1% in the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after purchasing an additional 164 shares during the last quarter. Institutional investors and hedge funds 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.