Incyte (NASDAQ:INCY) Price Target Raised to $97.00

Incyte (NASDAQ:INCY) had its price target hoisted by Citigroup from $92.00 to $97.00 in a research report released on Wednesday, Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

Several other research analysts have also recently issued reports on the stock. Morgan Stanley increased 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. BMO Capital Markets reiterated an “underperform” rating and issued a $52.00 price target (up previously from $48.00) on shares of Incyte in a report on Wednesday. William Blair reissued an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Truist Financial reaffirmed a “hold” rating and set a $74.00 price target (down previously from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. Finally, Oppenheimer boosted their target price on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Incyte currently has an average rating of “Hold” and an average price target of $76.74.

Incyte Stock Up 2.7 %

INCY stock opened at $76.13 on Wednesday. The firm has a market cap of $14.67 billion, a PE ratio of 543.79, a PEG ratio of 6.57 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.87. The firm’s 50 day moving average price is $66.04 and its 200-day moving average price is $61.84. Incyte has a one year low of $50.35 and a one year high of $76.33.

Incyte (NASDAQ:INCY) last posted 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 company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations 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 period in the prior year, the company posted $0.91 EPS. On average, equities research analysts anticipate that Incyte will post 0.51 EPS for the current year.

Insider Buying and Selling

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now directly owns 36,390 shares in the company, 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 hyperlink. In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas Tray sold 572 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Incyte

Institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its position in shares of Incyte by 17,460.4% in the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after acquiring an additional 2,676,851 shares during the period. AQR Capital Management LLC boosted its position in shares of Incyte by 70.5% in the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after acquiring an additional 1,101,041 shares during the period. Acadian Asset Management LLC boosted its position in shares of Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after acquiring an additional 779,243 shares during the period. Swedbank AB bought a new stake in shares of Incyte in the first quarter valued at about $37,440,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Incyte by 122.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock valued at $54,116,000 after acquiring an additional 490,680 shares during the period. 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.