Citigroup Raises Incyte (NASDAQ:INCY) Price Target to $88.00

Incyte (NASDAQ:INCY) had its price objective increased by Citigroup from $80.00 to $88.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

A number of other equities research analysts also recently commented on the company. Oppenheimer decreased their target price on Incyte from $84.00 to $81.00 and set an outperform rating for the company in a report on Friday, July 26th. Bank of America boosted their price target on Incyte from $62.00 to $66.00 and gave the company a neutral rating in a report on Wednesday. Truist Financial reissued a buy rating and issued a $83.00 price target (down from $84.00) on shares of Incyte in a report on Wednesday, May 1st. Cantor Fitzgerald reissued a neutral rating on shares of Incyte in a report on Tuesday, June 18th. Finally, BMO Capital Markets reissued an underperform rating and issued a $48.00 price target (down from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $73.24.

Incyte Trading Up 0.1 %

Incyte stock opened at $64.47 on Wednesday. The company has a quick ratio of 3.43, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. Incyte has a 52 week low of $50.27 and a 52 week high of $70.36. The company has a market capitalization of $12.42 billion, a price-to-earnings ratio of 19.54, a price-to-earnings-growth ratio of 1.14 and a beta of 0.73. The stock has a 50-day moving average price of $61.88 and a 200 day moving average price of $58.81.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the firm earned $0.77 EPS. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. Sell-side analysts anticipate that Incyte will post 3.35 EPS for the current year.

Insider Activity

In other news, insider Thomas Tray sold 1,093 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the transaction, the insider now owns 21,634 shares of the company’s stock, valued at approximately $1,274,458.94. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other 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 completion of the transaction, the executive vice president now owns 66,377 shares in the company, valued at approximately $3,982,620. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Tray sold 1,093 shares of Incyte stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the transaction, the insider now owns 21,634 shares of the company’s stock, valued at approximately $1,274,458.94. The disclosure for this sale can be found here. Insiders have sold a total of 45,282 shares of company stock valued at $2,876,911 in the last quarter. Insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cape Investment Advisory Inc. purchased a new position in shares of Incyte in the 4th quarter valued at about $25,000. MFA Wealth Advisors LLC acquired a new position in shares of Incyte in the second quarter valued at approximately $26,000. Larson Financial Group LLC grew its holdings in Incyte by 4,220.0% during the fourth quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 422 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new position in Incyte during the fourth quarter worth $31,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Incyte in the first quarter valued at $28,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.