Incyte (NASDAQ:INCY) Given “Sector Perform” Rating at Royal Bank Of Canada

Incyte (NASDAQ:INCY)‘s stock had its “sector perform” rating reissued by research analysts at Royal Bank Of Canada in a report released on Tuesday, Benzinga reports. They currently have a $109.00 target price on the biopharmaceutical company’s stock. Royal Bank Of Canada’s target price points to a potential downside of 13.03% from the stock’s current price.

INCY has been the topic of a number of other research reports. Oppenheimer restated a “market perform” rating and issued a $120.00 target price on shares of Incyte in a research note on Tuesday, July 28th. Benchmark reiterated a “buy” rating on shares of Incyte in a research report on Thursday, August 20th. Stifel Nicolaus set a $145.00 target price on Incyte in a research note on Tuesday, July 28th. Truist Financial increased their price objective on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Finally, Piper Sandler raised their price target on shares of Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a research note on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and thirteen have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $124.05.

Incyte Stock Up 0.5%

Shares of NASDAQ:INCY opened at $125.33 on Tuesday. The company has a 50-day moving average price of $122.71 and a 200 day moving average price of $107.73. The company has a market cap of $25.40 billion, a P/E ratio of 15.94, a PEG ratio of 3.64 and a beta of 0.77. Incyte has a 52 week low of $81.09 and a 52 week high of $132.60.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the company earned $1.57 earnings per share. The business’s revenue for the quarter was up 37.7% compared to the same quarter last year. Analysts expect that Incyte will post 2.64 EPS for the current year.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the sale, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently modified their holdings of INCY. BlackRock Inc. bought a new position in Incyte during the 2nd quarter worth about $2,044,189,000. Geode Capital Management LLC grew its holdings in Incyte by 11.3% in the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock valued at $491,500,000 after buying an additional 506,842 shares in the last quarter. Wellington Management Group LLP increased its position in Incyte by 9.5% during the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock worth $405,321,000 after buying an additional 309,385 shares during the period. Los Angeles Capital Management LLC lifted its holdings in shares of Incyte by 30.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,288,874 shares of the biopharmaceutical company’s stock worth $211,927,000 after buying an additional 527,703 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Incyte by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock valued at $185,873,000 after acquiring an additional 187,354 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.