Incyte (NASDAQ:INCY) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Incyte (NASDAQ:INCY) had its price objective increased by Stifel Nicolaus from $75.00 to $77.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “hold” rating on the biopharmaceutical company’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 16.09% from the company’s current price.

Several other equities research analysts also recently commented on the company. Oppenheimer boosted their target price on Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Bank of America raised Incyte from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. JMP Securities reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, January 14th. Citigroup lowered their price objective on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Wells Fargo & Company increased their price target on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $75.59.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $66.33 on Monday. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte has a twelve month low of $50.35 and a twelve month high of $83.95. The stock’s 50 day moving average is $71.69 and its 200-day moving average is $69.18. The firm has a market capitalization of $12.78 billion, a price-to-earnings ratio of 473.82, a PEG ratio of 0.53 and a beta of 0.70.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. Sell-side analysts forecast that Incyte will post 0.35 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the transaction, the executive vice president now directly owns 66,967 shares in the company, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $75.38, for a total transaction of $455,521.34. Following the sale, the executive vice president now owns 30,658 shares of the company’s stock, valued at $2,311,000.04. The trade was a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,695 shares of company stock worth $1,444,356 over the last quarter. 17.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Incyte

Several hedge funds have recently made changes to their positions in INCY. CWM LLC lifted its position in Incyte by 79.3% in the 3rd quarter. CWM LLC now owns 14,297 shares of the biopharmaceutical company’s stock worth $945,000 after buying an additional 6,325 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its position in Incyte by 102.3% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,562 shares of the biopharmaceutical company’s stock worth $103,000 after buying an additional 790 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in Incyte by 81.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 33,325 shares of the biopharmaceutical company’s stock worth $2,203,000 after buying an additional 14,953 shares in the last quarter. Creative Planning lifted its position in Incyte by 6.2% in the 3rd quarter. Creative Planning now owns 22,366 shares of the biopharmaceutical company’s stock worth $1,478,000 after buying an additional 1,307 shares in the last quarter. Finally, V Square Quantitative Management LLC raised its holdings in shares of Incyte by 4.1% during the 3rd quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock valued at $262,000 after purchasing an additional 155 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.