Incyte (NASDAQ:INCY) Price Target Raised to $123.00

Incyte (NASDAQ:INCY) had its price target upped by Stifel Nicolaus from $120.00 to $123.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the biopharmaceutical company’s stock.

INCY has been the subject of several other reports. Wells Fargo & Company reduced their price target on Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a report on Wednesday, February 11th. Royal Bank Of Canada dropped their price objective on Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 11th. TD Cowen reissued a “buy” rating on shares of Incyte in a report on Tuesday, January 13th. Piper Sandler boosted their target price on shares of Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Finally, Wall Street Zen cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Ten investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $104.26.

Incyte Trading Up 1.7%

Shares of Incyte stock opened at $96.91 on Wednesday. The firm has a market cap of $19.36 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 0.93 and a beta of 0.79. Incyte has a 52-week low of $57.77 and a 52-week high of $112.29. The company’s 50-day simple moving average is $95.71 and its 200-day simple moving average is $98.73. The company has a quick ratio of 3.25, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter last year, the firm earned $1.16 earnings per share. The firm’s revenue was up 20.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Incyte will post 6.5 earnings per share for the current year.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares in the company, valued at approximately $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 17.80% of the company’s stock.

Institutional Investors Weigh In On Incyte

Several institutional investors and hedge funds have recently made changes to their positions in INCY. Elyxium Wealth LLC purchased a new position in Incyte during the 4th quarter valued at about $28,000. Smithfield Trust Co lifted its holdings in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Incyte in the third quarter valued at approximately $26,000. Root Financial Partners LLC acquired a new stake in shares of Incyte in the third quarter valued at approximately $28,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in shares of Incyte during the 4th quarter worth approximately $35,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.