Incyte (NASDAQ:INCY) Earns Sector Perform Rating from Royal Bank of Canada

Incyte (NASDAQ:INCY)‘s stock had its “sector perform” rating reissued by analysts at Royal Bank of Canada in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $70.00 target price on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target would indicate a potential downside of 3.57% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Morgan Stanley raised their price target on Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. 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, October 30th. JMP Securities reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, January 14th. UBS Group started coverage on shares of Incyte in a research report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price target for the company. Finally, Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Incyte has an average rating of “Hold” and an average price target of $75.71.

Incyte Trading Up 0.1 %

INCY stock opened at $72.59 on Thursday. Incyte has a one year low of $50.35 and a one year high of $83.95. The company has a market capitalization of $13.98 billion, a PE ratio of 518.54, a price-to-earnings-growth ratio of 0.53 and a beta of 0.71. The company’s 50 day moving average price is $71.76 and its two-hundred day moving average price is $68.33. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. As a group, analysts predict that Incyte will post 0.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the transaction, the executive vice president now directly owns 30,658 shares in the company, valued at approximately $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas Tray sold 650 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $69.31, for a total value of $45,051.50. Following the completion of the sale, the insider now owns 23,312 shares in the company, valued at $1,615,754.72. The trade was a 2.71 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,375 shares of company stock valued at $1,737,578. 17.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Incyte

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

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.