Guggenheim Raises Incyte (NASDAQ:INCY) Price Target to $92.00

Incyte (NASDAQ:INCY) had its price objective lifted by Guggenheim from $86.00 to $92.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

A number of other research analysts have also recently issued reports on the stock. Royal Bank of Canada reaffirmed a sector perform rating and issued a $67.00 price target on shares of Incyte in a report on Tuesday, September 3rd. William Blair restated an outperform rating on shares of Incyte in a research note on Monday, September 9th. Oppenheimer dropped their price target on Incyte from $84.00 to $81.00 and set an outperform rating on the stock in a research note on Friday, July 26th. Citigroup raised their price objective on Incyte from $80.00 to $88.00 and gave the stock a buy rating in a research note on Wednesday, July 31st. Finally, BMO Capital Markets reaffirmed an underperform rating and set a $48.00 target price (down previously from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Incyte currently has a consensus rating of Hold and a consensus target price of $73.24.

Incyte Stock Down 1.9 %

Shares of INCY stock opened at $65.17 on Monday. The stock’s fifty day moving average price is $64.23 and its 200 day moving average price is $59.70. Incyte has a 1-year low of $50.27 and a 1-year high of $70.36. The company has a market cap of $14.63 billion, a price-to-earnings ratio of 19.75, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. Incyte’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.77 EPS. On average, research analysts expect that Incyte will post 0.67 earnings per share for the current fiscal year.

Insider Activity at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the transaction, the executive vice president now owns 36,701 shares in the company, valued at $2,569,070. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the transaction, the executive vice president now owns 50,534 shares in the company, valued at approximately $3,032,040. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the sale, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,047 shares of company stock worth $2,225,626. 17.50% of the stock is owned by company insiders.

Institutional Trading of Incyte

Institutional investors have recently modified their holdings of the stock. Cape Investment Advisory Inc. acquired a new position in shares of Incyte during the 4th quarter worth about $25,000. MFA Wealth Advisors LLC acquired a new position in shares of Incyte during the second quarter valued at approximately $26,000. Redmont Wealth Advisors LLC purchased a new position in shares of Incyte in the first quarter valued at approximately $28,000. Riverview Trust Co acquired a new stake in shares of Incyte in the first quarter worth approximately $29,000. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Incyte during the first quarter worth approximately $32,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.