Bank of America Boosts Incyte (NASDAQ:INCY) Price Target to $104.00

Incyte (NASDAQ:INCY) had its price objective lifted by equities researchers at Bank of America from $90.00 to $104.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Bank of America‘s price objective points to a potential upside of 20.04% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Stifel Nicolaus raised shares of Incyte from a “hold” rating to a “buy” rating and raised their price target for the company from $75.00 to $107.00 in a report on Monday, June 16th. Wells Fargo & Company raised shares of Incyte from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $67.00 to $89.00 in a report on Wednesday, August 6th. Citigroup increased their target price on shares of Incyte from $88.00 to $103.00 and gave the company a “buy” rating in a research note on Wednesday, July 30th. Truist Financial upped their target price on shares of Incyte from $73.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, July 30th. Finally, UBS Group reissued a “neutral” rating and set a $68.00 price target (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Incyte currently has a consensus rating of “Hold” and a consensus price target of $82.53.

Incyte Stock Performance

Shares of INCY opened at $86.64 on Thursday. The stock has a market cap of $16.92 billion, a P/E ratio of 19.69, a P/E/G ratio of 0.67 and a beta of 0.75. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. Incyte has a 52 week low of $53.56 and a 52 week high of $87.99. The business’s 50 day moving average price is $76.83 and its 200-day moving average price is $68.67.

Insider Buying and Selling

In other news, EVP Vijay K. Iyengar sold 1,177 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the transaction, the executive vice president directly owned 35,929 shares in the company, valued at approximately $2,509,999.94. This represents a 3.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Barry P. Flannelly sold 1,192 shares of the business’s stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $83,273.12. Following the completion of the sale, the executive vice president directly owned 37,630 shares in the company, valued at approximately $2,628,831.80. The trade was a 3.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock valued at $3,836,196 over the last ninety days. 17.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Incyte

Several institutional investors have recently modified their holdings of INCY. Osaic Holdings Inc. grew its stake in Incyte by 17.1% during the 2nd quarter. Osaic Holdings Inc. now owns 8,895 shares of the biopharmaceutical company’s stock worth $605,000 after buying an additional 1,299 shares during the last quarter. Orion Porfolio Solutions LLC lifted its holdings in Incyte by 25.0% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 12,096 shares of the biopharmaceutical company’s stock valued at $824,000 after purchasing an additional 2,418 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Incyte by 22.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 37,251 shares of the biopharmaceutical company’s stock valued at $2,537,000 after acquiring an additional 6,847 shares during the last quarter. Cim Investment Management Inc. increased its position in shares of Incyte by 99.7% in the second quarter. Cim Investment Management Inc. now owns 12,065 shares of the biopharmaceutical company’s stock worth $827,000 after acquiring an additional 6,022 shares in the last quarter. Finally, Advisory Services Network LLC lifted its stake in shares of Incyte by 11.0% in the second quarter. Advisory Services Network LLC now owns 48,271 shares of the biopharmaceutical company’s stock worth $3,615,000 after acquiring an additional 4,784 shares in the last quarter. 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.