The Goldman Sachs Group Forecasts Strong Price Appreciation for Incyte (NASDAQ:INCY) Stock

Incyte (NASDAQ:INCY) had its price target hoisted by analysts at The Goldman Sachs Group from $63.00 to $70.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the biopharmaceutical company’s stock. The Goldman Sachs Group’s target price points to a potential downside of 4.03% from the stock’s previous close.

A number of other brokerages have also recently issued reports on INCY. Truist Financial reissued a “hold” rating and issued a $74.00 price objective (down from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. JPMorgan Chase & Co. lifted their price target on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday. Guggenheim lifted their price target on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Morgan Stanley lifted their price target on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Oppenheimer lifted their price target on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $75.95.

Incyte Stock Down 0.9 %

Shares of INCY traded down $0.66 during mid-day trading on Wednesday, hitting $72.94. 1,089,374 shares of the company’s stock were exchanged, compared to its average volume of 2,330,361. The company has a market cap of $14.05 billion, a PE ratio of 22.14, a P/E/G ratio of 5.31 and a beta of 0.73. Incyte has a 52 week low of $50.27 and a 52 week high of $74.60. The company has a 50-day simple moving average of $65.39 and a 200 day simple moving average of $61.51. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the business posted $0.77 earnings per share. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. On average, research analysts forecast that Incyte will post 0.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Tray sold 572 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by insiders.

Institutional Trading of Incyte

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INCY. MFA Wealth Advisors LLC purchased a new stake in Incyte during the second quarter valued at approximately $26,000. Fidelis Capital Partners LLC bought a new position in shares of Incyte in the first quarter worth approximately $32,000. Innealta Capital LLC bought a new position in shares of Incyte in the second quarter worth approximately $32,000. Itau Unibanco Holding S.A. bought a new position in shares of Incyte in the second quarter worth approximately $36,000. Finally, Deseret Mutual Benefit Administrators boosted its position in shares of Incyte by 37.1% in the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 164 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.