Incyte (NASDAQ:INCY) Given New $82.00 Price Target at Oppenheimer

Incyte (NASDAQ:INCY) had its price target boosted by Oppenheimer from $81.00 to $82.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

A number of other research firms also recently issued reports on INCY. Royal Bank of Canada reiterated a “sector perform” rating and set a $67.00 target price on shares of Incyte in a research report on Tuesday, September 3rd. Truist Financial restated a “hold” rating and set a $74.00 price objective (down previously from $83.00) on shares of Incyte in a report on Wednesday, September 18th. Guggenheim upped their price objective on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, September 16th. BMO Capital Markets restated an “underperform” rating and set a $52.00 price objective (up previously from $48.00) on shares of Incyte in a report on Wednesday. Finally, Citigroup upped their price objective on shares of Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $76.74.

Incyte Stock Up 2.7 %

Incyte stock opened at $76.13 on Wednesday. The company has a quick ratio of 1.84, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte has a 12-month low of $50.35 and a 12-month high of $76.33. The firm’s fifty day moving average is $66.04 and its 200 day moving average is $61.90. The company has a market capitalization of $14.67 billion, a PE ratio of 543.82, a PEG ratio of 6.49 and a beta of 0.71.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the firm earned $0.91 EPS. The firm’s revenue was up 23.8% on a year-over-year basis. As a group, sell-side analysts predict that Incyte will post 0.52 EPS for the current fiscal year.

Insider Activity at Incyte

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the transaction, the executive vice president now owns 36,390 shares in the company, valued at approximately $2,269,280.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Incyte news, insider Thomas Tray sold 572 shares of the 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 owns 24,825 shares in the company, valued at $1,562,485.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INCY. Pacer Advisors Inc. boosted its position in Incyte by 17,460.4% during the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after purchasing an additional 2,676,851 shares during the period. AQR Capital Management LLC boosted its position in Incyte by 70.5% during the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock worth $159,905,000 after purchasing an additional 1,101,041 shares during the period. Acadian Asset Management LLC boosted its position in Incyte by 28.0% during the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock worth $215,833,000 after purchasing an additional 779,243 shares during the period. Swedbank AB bought a new position in Incyte during the first quarter worth about $37,440,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Incyte by 122.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after purchasing an additional 490,680 shares during the period. Institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

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.