Royal Bank of Canada Has Lowered Expectations for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price objective dropped by Royal Bank of Canada from $70.00 to $68.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price objective would indicate a potential downside of 1.52% from the company’s current price.

INCY has been the topic of several other research reports. UBS Group initiated coverage on Incyte in a research note on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective on the stock. Stifel Nicolaus increased their price target on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a report on Monday. Oppenheimer lifted their price objective on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. JMP Securities reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, January 14th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $75.59.

Incyte Stock Performance

Shares of INCY stock opened at $69.05 on Tuesday. The stock has a market cap of $13.30 billion, a PE ratio of 493.25, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70. The stock has a 50-day moving average of $71.58 and a 200-day moving average of $69.16. 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 one year low of $50.35 and a one year high of $83.95.

Incyte (NASDAQ:INCY) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. As a group, sell-side analysts expect that Incyte will post 0.35 earnings per share for the current year.

Insider Buying and Selling

In other Incyte news, EVP Vijay K. Iyengar sold 6,043 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the transaction, the executive vice president now directly owns 30,658 shares of the company’s stock, valued at $2,311,000.04. This represents a 16.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total value of $897,866.88. Following the transaction, the executive vice president now owns 66,967 shares in the company, valued at $4,867,831.23. The trade was a 15.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,695 shares of company stock worth $1,444,356. Corporate insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several institutional investors and hedge funds have recently modified their holdings of INCY. Quintet Private Bank Europe S.A. acquired a new stake in Incyte in the 4th quarter worth about $26,000. Global X Japan Co. Ltd. increased its holdings in shares of Incyte by 144.7% during the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 230 shares during the period. Brooklyn Investment Group acquired a new stake in shares of Incyte in the third quarter valued at approximately $30,000. R Squared Ltd bought a new stake in shares of Incyte in the fourth quarter valued at approximately $30,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Incyte during the third quarter worth approximately $33,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.