Incyte (NASDAQ:INCY) Price Target Raised to $60.00

Incyte (NASDAQ:INCY) had its price target hoisted by research analysts at Deutsche Bank Aktiengesellschaft from $55.00 to $60.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “hold” rating on the biopharmaceutical company’s stock. Deutsche Bank Aktiengesellschaft’s target price would suggest a potential downside of 6.92% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Truist Financial restated a “buy” rating and set a $83.00 target price (down previously from $84.00) on shares of Incyte in a report on Wednesday, May 1st. BMO Capital Markets reaffirmed an “underperform” rating and set a $48.00 price target (down previously from $52.00) on shares of Incyte in a research report on Tuesday, July 2nd. Citigroup boosted their price objective on Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 2nd. Finally, TD Cowen dropped their price objective on shares of Incyte from $88.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $73.24.

Incyte Price Performance

NASDAQ:INCY traded down $0.61 during trading hours on Thursday, reaching $64.46. The company had a trading volume of 963,914 shares, compared to its average volume of 2,555,501. Incyte has a one year low of $50.27 and a one year high of $70.36. The company has a quick ratio of 3.43, a current ratio of 1.89 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average of $61.60 and a two-hundred day moving average of $58.76. The firm has a market capitalization of $14.47 billion, a PE ratio of 19.54, a PEG ratio of 1.56 and a beta of 0.73.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results 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 firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.77 earnings per share. Analysts forecast that Incyte will post 3.33 earnings per share for the current year.

Insider Transactions at Incyte

In other Incyte news, insider Thomas Tray sold 1,093 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the sale, the insider now owns 21,634 shares in the company, valued at $1,274,458.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Thomas Tray sold 1,093 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total transaction of $64,388.63. Following the completion of the sale, the insider now owns 21,634 shares in the company, valued at $1,274,458.94. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Barry P. Flannelly sold 1,306 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total value of $83,832.14. Following the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $3,725,715.98. The disclosure for this sale can be found here. Insiders have sold 45,282 shares of company stock worth $2,876,911 in the last ninety days. Insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Cape Investment Advisory Inc. bought a new position in shares of Incyte during the 4th quarter worth approximately $25,000. MFA Wealth Advisors LLC bought a new stake in shares of Incyte during the second quarter valued at approximately $26,000. Larson Financial Group LLC increased its stake in Incyte by 4,220.0% during the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 422 shares in the last quarter. Redmont Wealth Advisors LLC bought a new position in Incyte in the 1st quarter valued at about $28,000. Finally, Riverview Trust Co purchased a new stake in shares of Incyte in the first quarter worth approximately $29,000. Institutional investors and hedge funds 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.