Royal Bank of Canada Forecasts Strong Price Appreciation for Incyte (NASDAQ:INCY) Stock

Incyte (NASDAQ:INCY) had its target price boosted by Royal Bank of Canada from $72.00 to $80.00 in a report released on Thursday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the biopharmaceutical company’s stock.

A number of other research firms have also commented on INCY. The Goldman Sachs Group raised their price objective on Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Oppenheimer boosted their price target on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Citigroup boosted their target price on shares of Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company increased their price target on shares of Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $77.16.

Incyte Trading Down 2.4 %

Shares of Incyte stock opened at $75.87 on Thursday. Incyte has a 52-week low of $50.35 and a 52-week high of $83.95. The stock has a market cap of $14.62 billion, a PE ratio of 541.97, a PEG ratio of 8.75 and a beta of 0.71. The firm has a 50-day moving average of $68.99 and a 200-day moving average of $63.90. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data 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 business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the firm earned $0.91 EPS. The business’s revenue for the quarter was up 23.8% on a year-over-year basis. As a group, sell-side analysts forecast that Incyte will post 0.4 EPS for the current year.

Insider Activity

In related news, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the transaction, the executive vice president now owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas Tray sold 572 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were 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 in the company, valued at $1,562,485.50. This represents a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,702 shares of company stock valued at $856,166 over the last quarter. 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 modified their holdings of INCY. Barclays PLC raised its holdings in shares of Incyte by 8.1% during the third quarter. Barclays PLC now owns 1,031,932 shares of the biopharmaceutical company’s stock valued at $68,208,000 after purchasing an additional 77,542 shares during the period. Groupama Asset Managment raised its stake in shares of Incyte by 11.4% in the third quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 6,105 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in Incyte by 14.4% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 76,955 shares of the biopharmaceutical company’s stock valued at $5,087,000 after acquiring an additional 9,675 shares in the last quarter. MML Investors Services LLC lifted its position in shares of Incyte by 4.4% during the third quarter. MML Investors Services LLC now owns 6,063 shares of the biopharmaceutical company’s stock valued at $401,000 after purchasing an additional 256 shares in the last quarter. Finally, Orion Portfolio Solutions LLC bought a new position in shares of Incyte during the 3rd quarter worth approximately $770,000. 96.97% of the stock is currently owned by 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.