Incyte (NASDAQ:INCY) Given New $70.00 Price Target at The Goldman Sachs Group

Incyte (NASDAQ:INCY) had its price objective raised by The Goldman Sachs Group from $63.00 to $70.00 in a research note published on Wednesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the biopharmaceutical company’s stock.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada increased their price target on shares of Incyte from $67.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and raised their target price for the company from $68.00 to $90.00 in a report on Tuesday. Wolfe Research initiated coverage on Incyte in a research note on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target for the company. JMP Securities reissued a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. Finally, Citigroup boosted their target price on Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $76.74.

Incyte Stock Performance

Shares of INCY stock opened at $73.93 on Wednesday. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $74.60. The stock’s 50-day moving average is $65.58 and its two-hundred day moving average is $61.60. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. The firm has a market cap of $14.24 billion, a P/E ratio of 22.40, a PEG ratio of 5.31 and a beta of 0.73.

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

Insider Activity

In other news, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Thomas Tray sold 572 shares of Incyte stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

Several large investors have recently made changes to their positions in INCY. MFA Wealth Advisors LLC bought a new stake in Incyte during the 2nd quarter worth about $26,000. Innealta Capital LLC bought a new stake in shares of Incyte during the second quarter worth approximately $32,000. Cromwell Holdings LLC lifted its holdings in Incyte by 101.1% in the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 283 shares during the period. Fidelis Capital Partners LLC bought a new position in Incyte in the first quarter valued at approximately $32,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in Incyte during the 2nd quarter worth $36,000. 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.