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

Incyte (NASDAQ:INCY) had its price objective raised by stock analysts at Royal Bank of Canada from $72.00 to $80.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 5.44% from the company’s current price.

Several other analysts have also weighed in on INCY. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a report on Monday, September 16th. Citigroup raised their price target on Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. BMO Capital Markets reissued an “underperform” rating and issued a $52.00 price objective (up previously from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Wolfe Research initiated coverage on shares of Incyte in a research report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $77.16.

Incyte Price Performance

Shares of INCY stock opened at $75.87 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The stock’s fifty day simple moving average is $68.99 and its 200 day simple moving average is $63.75. Incyte has a one year low of $50.35 and a one year high of $83.95. The firm has a market cap of $14.62 billion, a price-to-earnings ratio of 541.97, a P/E/G ratio of 9.28 and a beta of 0.71.

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

Insider Transactions at Incyte

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 18.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Barry P. Flannelly sold 3,680 shares of the business’s stock in a transaction that occurred 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 transaction, 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. Insiders have sold 12,702 shares of company stock worth $856,166 in the last three months. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Haverford Trust Co raised its stake in Incyte by 1.8% during the 3rd quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock worth $515,000 after buying an additional 135 shares during the period. V Square Quantitative Management LLC lifted 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. Deseret Mutual Benefit Administrators grew its position in shares of Incyte by 37.1% in the 2nd 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 period. Moody National Bank Trust Division grew its position in shares of Incyte by 1.3% in the 2nd quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock valued at $861,000 after purchasing an additional 179 shares during the period. Finally, Ballentine Partners LLC raised its holdings in Incyte by 4.0% during the 2nd quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock worth $287,000 after buying an additional 182 shares during the period. 96.97% of the stock is 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.