Incyte (NASDAQ:INCY) Price Target Increased to $66.00 by Analysts at Bank of America

Incyte (NASDAQ:INCY) had its price objective boosted by equities research analysts at Bank of America from $62.00 to $66.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the biopharmaceutical company’s stock. Bank of America‘s price target would indicate a potential downside of 2.64% from the company’s previous close.

Other analysts have also recently issued research reports about the company. StockNews.com cut Incyte from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 2nd. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research note on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft assumed coverage on Incyte in a research note on Thursday, May 23rd. They set a “hold” rating and a $55.00 price objective for the company. BMO Capital Markets reiterated an “underperform” rating and set a $48.00 price objective (down previously from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. Finally, TD Cowen reduced their price objective on Incyte from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $73.19.

Incyte Stock Down 1.2 %

Incyte stock opened at $67.79 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.47 and a quick ratio of 3.43. The stock has a market capitalization of $15.22 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 1.58 and a beta of 0.73. Incyte has a 1-year low of $50.27 and a 1-year high of $70.36. The business has a fifty day moving average price of $61.46 and a 200-day moving average price of $58.71.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a return on equity of 12.83% and a net margin of 19.78%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the business earned $0.77 EPS. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. Equities research analysts forecast that Incyte will post 3.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 19,164 shares of Incyte stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total value of $1,149,840.00. Following the sale, the executive vice president now directly owns 66,377 shares in the company, valued at approximately $3,982,620. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Thomas Tray sold 1,093 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total transaction of $64,388.63. Following the transaction, the insider now directly owns 21,634 shares in the company, valued at approximately $1,274,458.94. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 19,164 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total value of $1,149,840.00. Following the transaction, the executive vice president now owns 66,377 shares in the company, valued at $3,982,620. The disclosure for this sale can be found here. In the last three months, insiders have sold 45,282 shares of company stock worth $2,876,911. Insiders own 17.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Incyte by 0.9% in the first quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock valued at $1,294,120,000 after acquiring an additional 196,440 shares during the last quarter. LSV Asset Management lifted its holdings in Incyte by 2.3% in the first quarter. LSV Asset Management now owns 2,754,777 shares of the biopharmaceutical company’s stock valued at $156,940,000 after acquiring an additional 62,950 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Incyte by 7.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,514,634 shares of the biopharmaceutical company’s stock valued at $143,259,000 after acquiring an additional 177,852 shares during the last quarter. Norges Bank acquired a new position in Incyte in the fourth quarter valued at approximately $123,253,000. Finally, Los Angeles Capital Management LLC lifted its holdings in Incyte by 37.1% in the fourth quarter. Los Angeles Capital Management LLC now owns 1,570,296 shares of the biopharmaceutical company’s stock valued at $98,599,000 after acquiring an additional 424,934 shares during the last quarter. 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.