Oppenheimer Lowers Incyte (NASDAQ:INCY) Price Target to $98.00

Incyte (NASDAQ:INCYGet Rating) had its price target decreased by Oppenheimer from $109.00 to $98.00 in a research report issued on Wednesday, The Fly reports. Oppenheimer’s price target would indicate a potential upside of 36.28% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 14th. Stifel Nicolaus lifted their price target on shares of Incyte from $75.00 to $77.00 in a report on Tuesday, May 3rd. Wells Fargo & Company assumed coverage on shares of Incyte in a report on Thursday, July 28th. They set an “equal weight” rating and a $76.00 price target on the stock. SVB Leerink lifted their price target on shares of Incyte from $58.00 to $63.00 and gave the company an “underperform” rating in a report on Wednesday, July 20th. Finally, TheStreet downgraded shares of Incyte from a “b” rating to a “c” rating in a report on Tuesday, May 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average target price of $84.92.

Incyte Stock Performance

INCY opened at $71.91 on Wednesday. The company has a current ratio of 4.14, a quick ratio of 3.67 and a debt-to-equity ratio of 0.01. The company has a market cap of $15.93 billion, a price-to-earnings ratio of 16.92, a PEG ratio of 0.85 and a beta of 0.64. The company’s 50 day moving average is $76.26 and its 200 day moving average is $75.23. Incyte has a 12-month low of $61.91 and a 12-month high of $84.86.

Incyte (NASDAQ:INCYGet Rating) last posted its quarterly earnings data on Tuesday, August 2nd. The biopharmaceutical company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.22. The company had revenue of $911.40 million for the quarter, compared to the consensus estimate of $818.25 million. Incyte had a net margin of 28.46% and a return on equity of 13.02%. The firm’s revenue was up 29.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.65 earnings per share. On average, equities research analysts predict that Incyte will post 2.37 EPS for the current year.

Insider Buying and Selling

In related news, insider Thomas Tray sold 1,564 shares of the business’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $83.13, for a total value of $130,015.32. Following the sale, the insider now owns 17,702 shares in the company, valued at $1,471,567.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Incyte news, insider Thomas Tray sold 1,564 shares of the business’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $83.13, for a total transaction of $130,015.32. Following the transaction, the insider now owns 17,702 shares in the company, valued at $1,471,567.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Vijay K. Iyengar sold 5,787 shares of the business’s stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $79.38, for a total transaction of $459,372.06. Following the transaction, the executive vice president now owns 40,313 shares in the company, valued at approximately $3,200,045.94. The disclosure for this sale can be found here. 15.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Clear Street Markets LLC increased its position in Incyte by 410.4% during the second quarter. Clear Street Markets LLC now owns 393 shares of the biopharmaceutical company’s stock valued at $30,000 after acquiring an additional 316 shares during the last quarter. Parkside Financial Bank & Trust boosted its stake in shares of Incyte by 91.0% during the first quarter. Parkside Financial Bank & Trust now owns 447 shares of the biopharmaceutical company’s stock valued at $36,000 after purchasing an additional 213 shares during the period. AlphaMark Advisors LLC purchased a new stake in shares of Incyte during the fourth quarter valued at $35,000. Glassman Wealth Services boosted its stake in shares of Incyte by 52.1% during the fourth quarter. Glassman Wealth Services now owns 502 shares of the biopharmaceutical company’s stock valued at $37,000 after purchasing an additional 172 shares during the period. Finally, CX Institutional purchased a new stake in shares of Incyte during the second quarter valued at $39,000. Institutional investors own 92.78% of the company’s stock.

Incyte Company Profile

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Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States and internationally. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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