Bank of America Increases Incyte (NASDAQ:INCY) Price Target to $68.00

Incyte (NASDAQ:INCY) had its price target upped by Bank of America from $66.00 to $68.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the biopharmaceutical company’s stock.

Other equities analysts have also issued reports about the company. Cantor Fitzgerald reaffirmed a neutral rating on shares of Incyte in a research note on Monday. Citigroup boosted their price objective on shares of Incyte from $80.00 to $88.00 and gave the stock a buy rating in a research note on Wednesday, July 31st. Oppenheimer cut their target price on shares of Incyte from $84.00 to $81.00 and set an outperform rating on the stock in a research note on Friday, July 26th. JPMorgan Chase & Co. upped their price target on shares of Incyte from $59.00 to $61.00 and gave the stock a neutral rating in a research report on Wednesday, July 31st. Finally, Royal Bank of Canada reissued a sector perform rating and issued a $67.00 price objective on shares of Incyte in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $73.24.

Incyte Price Performance

Incyte stock opened at $66.82 on Monday. Incyte has a 1 year low of $50.27 and a 1 year high of $70.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The firm has a 50 day moving average price of $64.32 and a 200 day moving average price of $59.75. The company has a market cap of $15.00 billion, a price-to-earnings ratio of 20.25, a PEG ratio of 5.03 and a beta of 0.73.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data 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). The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.77 earnings per share. Sell-side analysts predict that Incyte will post 0.67 earnings per share for the current year.

Insider Activity

In related news, EVP Barry P. Flannelly sold 8,148 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total value of $488,880.00. Following the completion of the sale, the executive vice president now directly owns 50,534 shares of the company’s stock, valued at $3,032,040. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Vijay K. Iyengar sold 15,571 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the transaction, the executive vice president now directly owns 36,701 shares in the company, valued at $2,569,070. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 8,148 shares of the business’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the sale, the executive vice president now owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,047 shares of company stock worth $2,225,626. 17.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Incyte

Institutional investors have recently modified their holdings of the business. Cape Investment Advisory Inc. acquired a new position in Incyte in the fourth quarter valued at approximately $25,000. MFA Wealth Advisors LLC bought a new stake in shares of Incyte in the 2nd quarter worth approximately $26,000. Redmont Wealth Advisors LLC acquired a new position in Incyte during the 1st quarter valued at approximately $28,000. Riverview Trust Co bought a new position in Incyte during the 1st quarter worth $29,000. Finally, Fidelis Capital Partners LLC acquired a new stake in Incyte in the first quarter worth $32,000. Institutional investors own 96.97% of the company’s stock.

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.