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

Incyte (NASDAQ:INCY) had its target price lowered by Royal Bank of Canada from $70.00 to $68.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a sector perform rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also recently issued reports on INCY. JMP Securities restated a “market perform” rating on shares of Incyte in a report on Tuesday, January 14th. Oppenheimer upped their price target on shares of Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Morgan Stanley increased their target price on shares of Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. increased their target price on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, UBS Group began coverage on shares of Incyte in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 target price for the company. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Incyte presently has an average rating of “Hold” and a consensus price target of $75.59.

Incyte Stock Up 1.4 %

INCY stock opened at $70.01 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. Incyte has a 52-week low of $50.35 and a 52-week high of $83.95. The company has a 50-day moving average of $71.47 and a two-hundred day moving average of $69.16. The stock has a market capitalization of $13.49 billion, a price-to-earnings ratio of 500.11, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70.

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

Insider Buying and Selling

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

Institutional Investors Weigh In On Incyte

A number of hedge funds have recently added to or reduced their stakes in the stock. Orion Portfolio Solutions LLC acquired a new stake in Incyte in the 3rd quarter valued at about $770,000. CWA Asset Management Group LLC acquired a new stake in Incyte in the 4th quarter valued at about $1,933,000. Greenwood Capital Associates LLC acquired a new stake in Incyte in the 3rd quarter valued at about $433,000. Tri Ri Asset Management Corp acquired a new stake in Incyte in the 3rd quarter valued at about $3,292,000. Finally, Cypress Capital Group acquired a new stake in Incyte in the 3rd quarter valued at about $971,000. 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.