Royal Bank of Canada Cuts Incyte (NASDAQ:INCY) Price Target to $68.00

Incyte (NASDAQ:INCY) had its price objective cut by equities research analysts at Royal Bank of Canada from $70.00 to $68.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s target price would indicate a potential downside of 0.44% from the company’s current price.

Several other research analysts also recently issued reports on the company. StockNews.com raised Incyte from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 4th. Stifel Nicolaus lifted their target price on shares of Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research report on Monday. BMO Capital Markets reiterated an “underperform” rating and issued a $52.00 price target (up from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. Oppenheimer lifted their price objective on Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, JMP Securities reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Incyte currently has a consensus rating of “Hold” and an average price target of $75.59.

Incyte Stock Down 7.9 %

Shares of NASDAQ INCY opened at $68.30 on Tuesday. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average price of $71.79 and a 200 day moving average price of $69.18. Incyte has a 52 week low of $50.35 and a 52 week high of $83.95. The stock has a market capitalization of $13.16 billion, a price-to-earnings ratio of 487.89, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. Equities research analysts anticipate that Incyte will post 0.35 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the transaction, the executive vice president now owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. This trade represents a 16.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Thomas Tray sold 650 shares of Incyte stock in a transaction on Monday, December 16th. The shares were sold at an average price of $69.31, for a total transaction of $45,051.50. Following the transaction, the insider now owns 23,312 shares in the company, valued at $1,615,754.72. The trade was a 2.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,695 shares of company stock valued at $1,444,356. 17.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in INCY. Point72 Asset Management L.P. acquired a new stake in shares of Incyte in the third quarter valued at about $156,611,000. Mizuho Securities USA LLC grew its position in Incyte by 13,814.7% in the third quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock valued at $132,207,000 after acquiring an additional 1,985,726 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Incyte by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,643,067 shares of the biopharmaceutical company’s stock valued at $113,487,000 after purchasing an additional 33,847 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in shares of Incyte by 5.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock worth $83,680,000 after purchasing an additional 70,596 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Incyte by 7.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,127,515 shares of the biopharmaceutical company’s stock valued at $77,877,000 after purchasing an additional 78,827 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.