Royal Bank of Canada Has Lowered Expectations for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price objective lowered by equities researchers at Royal Bank of Canada from $70.00 to $68.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s target price indicates a potential downside of 1.52% from the company’s current price.

Several other analysts also recently weighed in on the company. StockNews.com upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, February 4th. BMO Capital Markets reissued an “underperform” rating and issued a $52.00 target price (up previously from $48.00) on shares of Incyte in a report on Wednesday, October 30th. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and lifted their price target for the company from $68.00 to $90.00 in a report on Tuesday, October 29th. Citigroup dropped their price objective on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, JMP Securities restated a “market perform” rating on shares of Incyte in a research report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $75.59.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $69.05 on Tuesday. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $13.30 billion, a PE ratio of 493.25, a PEG ratio of 0.53 and a beta of 0.70. The firm has a 50 day moving average of $71.58 and a 200-day moving average of $69.16. Incyte has a 12 month low of $50.35 and a 12 month high of $83.95.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. On average, equities research analysts predict that Incyte will post 0.35 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, EVP Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was 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 $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Steven H. Stein sold 12,352 shares of the company’s 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 sale, the executive vice president now owns 66,967 shares in the company, valued at $4,867,831.23. The trade was a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,695 shares of company stock worth $1,444,356. Insiders own 17.60% of the company’s stock.

Institutional Investors Weigh In On Incyte

Large investors have recently modified their holdings of the company. Orion Portfolio Solutions LLC bought a new stake in Incyte during the third quarter valued at $770,000. CWA Asset Management Group LLC acquired a new position in shares of Incyte in the 4th quarter valued at about $1,933,000. Greenwood Capital Associates LLC acquired a new position in shares of Incyte in the 3rd quarter valued at about $433,000. Tri Ri Asset Management Corp bought a new stake in shares of Incyte during the 3rd quarter valued at about $3,292,000. Finally, Cypress Capital Group acquired a new stake in Incyte during the third quarter worth approximately $971,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.