Incyte (NASDAQ:INCY) Price Target Cut to $86.00

Incyte (NASDAQ:INCY) had its price target cut by analysts at Royal Bank of Canada from $91.00 to $86.00 in a research note issued on Thursday, The Fly reports. The firm currently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 24.64% from the stock’s current price.

Several other equities analysts have also issued reports on the company. SVB Leerink dropped their price target on Incyte from $70.00 to $67.00 and set an “underperform” rating on the stock in a research note on Wednesday, August 4th. William Blair reissued an “outperform” rating on shares of Incyte in a research note on Tuesday, June 15th. Benchmark raised shares of Incyte from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a research note on Tuesday, July 20th. Finally, TheStreet downgraded Incyte from a “b-” rating to a “c+” rating in a research note on Friday, August 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $95.38.

NASDAQ:INCY opened at $69.00 on Thursday. Incyte has a 52 week low of $68.62 and a 52 week high of $101.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.94 and a current ratio of 3.97. The firm’s fifty day moving average is $75.35 and its 200-day moving average is $80.05. The firm has a market cap of $15.24 billion, a P/E ratio of 45.40, a P/E/G ratio of 0.88 and a beta of 0.76.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, August 3rd. The biopharmaceutical company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.26. Incyte had a net margin of 12.41% and a return on equity of 15.77%. The business had revenue of $705.71 million for the quarter, compared to analyst estimates of $686.95 million. During the same quarter in the previous year, the business earned $1.24 earnings per share. Incyte’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Incyte will post 2.25 earnings per share for the current year.

In other Incyte news, EVP Dashyant Dhanak sold 388 shares of Incyte stock in a transaction on Wednesday, September 1st. The shares were sold at an average price of $76.71, for a total transaction of $29,763.48. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Yao Wenqing sold 27,194 shares of the firm’s stock in a transaction dated Tuesday, June 29th. The shares were sold at an average price of $85.37, for a total transaction of $2,321,551.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,493 shares of company stock valued at $2,735,797. Company insiders own 15.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in INCY. Red Door Wealth Management LLC purchased a new position in shares of Incyte in the 2nd quarter worth about $25,000. IFP Advisors Inc boosted its stake in Incyte by 852.9% in the second quarter. IFP Advisors Inc now owns 324 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 290 shares during the last quarter. Allworth Financial LP bought a new position in shares of Incyte during the 2nd quarter valued at approximately $30,000. Parallel Advisors LLC increased its stake in shares of Incyte by 81.2% during the 2nd quarter. Parallel Advisors LLC now owns 366 shares of the biopharmaceutical company’s stock worth $31,000 after purchasing an additional 164 shares during the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Incyte in the 2nd quarter worth approximately $35,000. 91.98% of the stock is owned by hedge funds and other institutional investors.

Incyte Company Profile

Incyte Corp. is a biopharmaceutical company, which engages in the discovery, development and commercialization of proprietary therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late stage development, and commercialized products such as JAKAFI (ruxolitinib), and ICLUSIG (ponatinib).

Recommended Story: Trading Stocks – What are percentage gainers?

The Fly logo

Analyst Recommendations for Incyte (NASDAQ:INCY)

Receive News & Ratings for Incyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Incyte and related companies with MarketBeat.com's FREE daily email newsletter.