Incyte’s (INCY) Sector Perform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Incyte (NASDAQ:INCY) in a research report report published on Monday morning, Benzinga reports. They currently have a $65.00 price target on the biopharmaceutical company’s stock.

Several other research firms have also weighed in on INCY. BMO Capital Markets boosted their target price on Incyte from $58.00 to $64.00 and gave the stock a market perform rating in a report on Wednesday, February 14th. Citigroup cut their price target on Incyte from $82.00 to $81.00 and set a buy rating for the company in a report on Wednesday, February 14th. Stifel Nicolaus upped their target price on Incyte from $67.00 to $68.00 and gave the company a hold rating in a research note on Wednesday, February 14th. Jefferies Financial Group initiated coverage on Incyte in a research note on Friday, February 23rd. They issued a buy rating and a $81.00 target price for the company. Finally, Truist Financial cut their target price on Incyte from $91.00 to $84.00 and set a buy rating for the company in a research note on Wednesday, February 14th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $76.07.

Incyte Trading Up 1.0 %

NASDAQ:INCY opened at $57.12 on Monday. The stock has a market cap of $12.83 billion, a PE ratio of 21.55, a price-to-earnings-growth ratio of 1.23 and a beta of 0.65. The stock’s 50-day moving average is $59.22 and its two-hundred day moving average is $58.59. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $76.04. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.55 and a quick ratio of 3.36.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a net margin of 16.17% and a return on equity of 12.56%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the firm posted $0.44 EPS. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, equities research analysts forecast that Incyte will post 3.85 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 657 shares of the stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $65.00, for a total transaction of $42,705.00. Following the completion of the transaction, the executive vice president now owns 43,412 shares of the company’s stock, valued at approximately $2,821,780. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 17.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Incyte

A number of large investors have recently made changes to their positions in the stock. Cape Investment Advisory Inc. acquired a new position in shares of Incyte during the 4th quarter worth about $25,000. Clear Street Markets LLC grew its stake in shares of Incyte by 93.6% in the 1st quarter. Clear Street Markets LLC now owns 362 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 175 shares during the period. Larson Financial Group LLC grew its stake in shares of Incyte by 4,220.0% in the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 422 shares during the period. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Incyte in the 4th quarter valued at approximately $31,000. Finally, Parkside Financial Bank & Trust grew its stake in shares of Incyte by 91.0% in the 1st quarter. Parkside Financial Bank & Trust now owns 447 shares of the biopharmaceutical company’s stock valued at $36,000 after buying an additional 213 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.