Incyte (NASDAQ:INCY) Given New $80.00 Price Target at Royal Bank of Canada

Incyte (NASDAQ:INCY) had its target price increased by analysts at Royal Bank of Canada from $72.00 to $80.00 in a report released on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 1.19% from the company’s previous close.

Other analysts have also issued reports about the stock. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research note on Monday, September 16th. The Goldman Sachs Group upped their price target on shares of Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, August 1st. JMP Securities restated a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. lifted their price target on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, Incyte has a consensus rating of “Hold” and a consensus target price of $77.16.

Incyte Trading Down 1.8 %

INCY stock traded down $1.42 during mid-day trading on Thursday, reaching $79.06. The company had a trading volume of 386,030 shares, compared to its average volume of 2,328,320. The firm has a 50 day moving average of $68.40 and a 200 day moving average of $63.48. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. Incyte has a 12 month low of $50.35 and a 12 month high of $83.95. The company has a market capitalization of $15.23 billion, a PE ratio of 564.71, a price-to-earnings-growth ratio of 9.29 and a beta of 0.71.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the business earned $0.91 earnings per share. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. On average, equities analysts predict that Incyte will post 0.4 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction on 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 of the company’s stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Barry P. Flannelly sold 3,680 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total value of $293,222.40. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at $4,624,786.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,702 shares of company stock worth $856,166 over the last 90 days. 17.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Incyte

Hedge funds have recently modified their holdings of the company. Avantax Advisory Services Inc. purchased a new position in Incyte during the first quarter worth approximately $254,000. ProShare Advisors LLC grew its stake in Incyte by 14.4% in the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock valued at $3,594,000 after acquiring an additional 7,925 shares during the period. Entropy Technologies LP acquired a new stake in Incyte in the 1st quarter valued at $327,000. State Board of Administration of Florida Retirement System increased its holdings in Incyte by 6.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 239,122 shares of the biopharmaceutical company’s stock worth $13,623,000 after acquiring an additional 14,219 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Incyte by 27.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 224,119 shares of the biopharmaceutical company’s stock worth $12,768,000 after acquiring an additional 48,380 shares during the period. 96.97% of the stock is owned by hedge funds and other 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.