Citigroup Boosts Incyte (NASDAQ:INCY) Price Target to $97.00

Incyte (NASDAQ:INCY) had its price objective increased by equities research analysts at Citigroup from $92.00 to $97.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price objective indicates a potential upside of 32.17% from the stock’s previous close.

INCY has been the subject of a number of other reports. JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. Truist Financial restated a “hold” rating and issued a $74.00 target price (down previously from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. BMO Capital Markets reissued an “underperform” rating and set a $52.00 price target (up from $48.00) on shares of Incyte in a research note on Wednesday. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Incyte currently has a consensus rating of “Hold” and an average price target of $76.74.

Incyte Stock Performance

INCY traded down $0.21 on Wednesday, hitting $73.39. The company’s stock had a trading volume of 1,274,131 shares, compared to its average volume of 2,331,241. The company’s 50 day simple moving average is $65.39 and its 200-day simple moving average is $61.51. Incyte has a 12 month low of $50.27 and a 12 month high of $74.60. The firm has a market cap of $14.13 billion, a P/E ratio of 22.24, a price-to-earnings-growth ratio of 5.31 and a beta of 0.73. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. Incyte’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 EPS. Analysts forecast that Incyte will post 0.66 EPS for the current year.

Insider Activity

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction dated 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Thomas Tray sold 572 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now owns 24,825 shares in the company, valued at $1,562,485.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

Large investors have recently bought and sold shares of the business. MFA Wealth Advisors LLC bought a new position in shares of Incyte during the 2nd quarter worth $26,000. Fidelis Capital Partners LLC purchased a new position in shares of Incyte in the 1st quarter valued at approximately $32,000. Innealta Capital LLC purchased a new stake in Incyte during the 2nd quarter worth approximately $32,000. Itau Unibanco Holding S.A. acquired a new position in Incyte during the 2nd quarter valued at approximately $36,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of Incyte by 37.1% in the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after buying an additional 164 shares during the last quarter. Hedge funds and other institutional investors 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.