Incyte’s (INCY) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Incyte (NASDAQ:INCY)‘s stock had its “sector perform” rating reiterated by stock analysts at Royal Bank of Canada in a report released on Tuesday, Benzinga reports. They presently have a $67.00 target price on the biopharmaceutical company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 4.15% from the stock’s previous close.

Several other brokerages have also recently weighed in on INCY. Bank of America upped their target price on Incyte from $62.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft upped their price target on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. upped their price objective on Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a report on Tuesday, June 18th. Finally, BMO Capital Markets restated 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 equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $73.29.

Incyte Trading Down 3.0 %

INCY opened at $64.33 on Tuesday. Incyte has a one year low of $50.27 and a one 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 stock has a market cap of $14.44 billion, a price-to-earnings ratio of 19.49, a P/E/G ratio of 5.23 and a beta of 0.73. The stock’s 50 day moving average price is $63.36 and its 200-day moving average price is $59.42.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share 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 business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the business earned $0.77 EPS. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. On average, equities analysts forecast that Incyte will post 0.67 EPS for the current year.

Insider Buying and Selling at Incyte

In related news, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the transaction, the executive vice president now owns 50,534 shares in the company, valued at approximately $3,032,040. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Barry P. Flannelly sold 19,164 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 66,377 shares in the company, valued at $3,982,620. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Barry P. Flannelly sold 8,148 shares of Incyte stock in a transaction on Tuesday, July 9th. The shares were 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 owns 50,534 shares in the company, valued at approximately $3,032,040. The disclosure for this sale can be found here. Insiders have sold a total of 44,189 shares of company stock valued at $2,812,522 over the last ninety days. Corporate insiders own 17.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its holdings in Incyte by 6.1% in the fourth quarter. Victory Capital Management Inc. now owns 175,938 shares of the biopharmaceutical company’s stock valued at $11,047,000 after purchasing an additional 10,115 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Incyte by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 44,169 shares of the biopharmaceutical company’s stock valued at $2,773,000 after purchasing an additional 187 shares during the period. Natixis Advisors L.P. acquired a new stake in shares of Incyte in the 4th quarter valued at approximately $780,000. Charles Schwab Investment Management Inc. boosted its position in shares of Incyte by 7.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,326,814 shares of the biopharmaceutical company’s stock worth $83,311,000 after purchasing an additional 97,614 shares in the last quarter. Finally, E Fund Management Co. Ltd. increased its holdings in Incyte by 32.7% during the 4th quarter. E Fund Management Co. Ltd. now owns 11,712 shares of the biopharmaceutical company’s stock valued at $735,000 after acquiring an additional 2,886 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.