Incyte (NASDAQ:INCY) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Incyte (NASDAQ:INCY) had its target price lifted by Royal Bank of Canada from $72.00 to $80.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a sector perform rating on the biopharmaceutical company’s stock.

A number of other research firms also recently commented on INCY. Guggenheim boosted their price target on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. boosted their target price on Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Citigroup raised their price objective on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Wolfe Research initiated coverage on shares of Incyte in a research note on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target on the stock. Finally, Truist Financial reaffirmed a “hold” rating and set a $74.00 price target (down from $83.00) on shares of Incyte in a report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $77.16.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $75.87 on Thursday. The company has a market cap of $14.62 billion, a P/E ratio of 541.97, a PEG ratio of 8.75 and a beta of 0.71. The business’s 50-day simple moving average is $68.99 and its 200 day simple moving average is $63.90. 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 has a one year low of $50.35 and a one year high of $83.95.

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

Insider Buying and Selling

In related news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. The trade was a 2.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the sale, the executive vice president now owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This represents a 5.96 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,702 shares of company stock worth $856,166. Corporate insiders own 17.60% of the company’s stock.

Institutional Trading of Incyte

Several institutional investors and hedge funds have recently bought and sold shares of INCY. MFA Wealth Advisors LLC acquired a new position in shares of Incyte during the 2nd quarter worth approximately $26,000. Brooklyn Investment Group bought a new position in Incyte during the third quarter worth $30,000. Innealta Capital LLC acquired a new position in shares of Incyte in the second quarter valued at $32,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Incyte in the third quarter valued at about $33,000. Finally, Itau Unibanco Holding S.A. bought a new position in shares of Incyte in the second quarter valued at about $36,000. Institutional investors own 96.97% of the company’s stock.

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.