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

Royal Bank of Canada restated their sector perform rating on shares of Incyte (NASDAQ:INCY) in a research report released on Thursday morning,Benzinga reports. Royal Bank of Canada currently has a $70.00 target price on the biopharmaceutical company’s stock.

Several other equities research analysts have also recently weighed in on INCY. StockNews.com cut Incyte from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 13th. William Blair restated an “outperform” rating on shares of Incyte in a research report on Friday, December 13th. Wells Fargo & Company lifted their target price on Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, December 19th. Citigroup increased their target price on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $75.71.

Incyte Stock Performance

INCY opened at $72.59 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. Incyte has a 52-week low of $50.35 and a 52-week high of $83.95. The firm has a market cap of $13.98 billion, a P/E ratio of 518.54, a price-to-earnings-growth ratio of 0.53 and a beta of 0.71. The business’s fifty day moving average is $71.69 and its 200-day moving average is $68.43.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the company earned $0.91 earnings per share. The company’s quarterly revenue was up 23.8% on a year-over-year basis. Sell-side analysts expect that Incyte will post 0.39 EPS for the current fiscal year.

Insider Transactions at Incyte

In related news, EVP Barry P. Flannelly sold 3,680 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the sale, the executive vice president now owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Vijay K. Iyengar sold 6,043 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the transaction, the executive vice president now directly 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. In the last 90 days, insiders have sold 23,375 shares of company stock worth $1,737,578. Company insiders own 17.60% of the company’s stock.

Institutional Investors Weigh In On Incyte

Several hedge funds and other institutional investors have recently bought and sold shares of INCY. Brooklyn Investment Group bought a new position in shares of Incyte in the 3rd quarter worth $30,000. R Squared Ltd bought a new position in shares of Incyte in the fourth quarter valued at $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Incyte during the third quarter valued at about $33,000. Cromwell Holdings LLC increased its position in shares of Incyte by 101.1% during the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 283 shares in the last quarter. Finally, Groupama Asset Managment increased its position in shares of Incyte by 11.4% during the third quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company’s stock worth $39,000 after acquiring an additional 6,105 shares in the last quarter. 96.97% of the stock is owned by 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.