Royal Bank of Canada Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

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

INCY has been the topic of a number of other research reports. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. StockNews.com upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 31st. Wells Fargo & Company raised their price target on shares of Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price target on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, BMO Capital Markets restated an “underperform” rating and set a $52.00 price target (up previously from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. One investment 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $77.16.

Incyte Stock Performance

Shares of NASDAQ:INCY traded down $1.86 during midday trading on Thursday, reaching $75.87. The company’s stock had a trading volume of 3,799,718 shares, compared to its average volume of 2,337,601. The firm has a market capitalization of $14.62 billion, a PE ratio of 546.25, a P/E/G ratio of 9.28 and a beta of 0.71. Incyte has a twelve month low of $50.35 and a twelve month high of $83.95. The stock has a fifty day moving average of $68.70 and a 200 day moving average of $63.58. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01.

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

Insider Transactions at Incyte

In other news, EVP Barry P. Flannelly sold 3,680 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total value of $293,222.40. Following the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was 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 directly owns 24,825 shares in the company, valued at approximately $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. Over the last three months, insiders have sold 12,702 shares of company stock valued at $856,166. Corporate insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors have recently bought and sold shares of INCY. Pacer Advisors Inc. raised its stake 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. Point72 Asset Management L.P. purchased a new position in Incyte during the third quarter worth about $156,611,000. Mizuho Securities USA LLC raised its stake in Incyte by 13,814.7% during the third quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock worth $132,207,000 after purchasing an additional 1,985,726 shares during the period. AQR Capital Management LLC raised its stake 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. Finally, Acadian Asset Management LLC raised its stake 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. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.