Incyte (NASDAQ:INCY) Given Sector Perform Rating at Royal Bank Of Canada

Key Points

• Royal Bank of Canada reaffirmed its “Sector Perform” rating on Incyte and set a $109 price target, implying roughly 13% downside from the stock’s $125.33 opening price.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $124.05; targets range from $105 to $150.
• Incyte reported strong quarterly results, earning $3.09 per share versus the $2.15 estimate and generating $1.67 billion in revenue, up 37.7% year over year.

Incyte (NASDAQ:INCY - Get Free Report)'s stock had its "sector perform" rating reissued by Royal Bank Of Canada in a report released on Tuesday, Benzinga reports. They currently have a $109.00 price target on the biopharmaceutical company's stock. Royal Bank Of Canada's target price would indicate a potential downside of 13.03% from the company's current price.

Several other equities research analysts have also commented on INCY. Truist Financial upped their price target on shares of Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a research report on Monday, June 22nd. JPMorgan Chase & Co. increased their target price on shares of Incyte from $105.00 to $110.00 and gave the company a "neutral" rating in a research note on Thursday, July 23rd. Guggenheim upped their price target on shares of Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. TD Cowen raised Incyte to a "strong-buy" rating in a research report on Monday, August 24th. Finally, Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and thirteen have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $124.05.

Incyte Stock Up 0.5%

Shares of INCY stock opened at $125.33 on Tuesday. Incyte has a 52 week low of $81.09 and a 52 week high of $132.60. The firm has a market capitalization of $25.40 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 3.64 and a beta of 0.77. The stock has a fifty day moving average of $122.71 and a 200 day moving average of $107.73.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the firm earned $1.57 EPS. Incyte's quarterly revenue was up 37.7% compared to the same quarter last year. Equities research analysts anticipate that Incyte will post 2.64 earnings per share for the current year.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the business's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the transaction, the insider directly owned 183,200 shares in the company, valued at $23,002,592. The trade was a 5.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the transaction, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company's stock.

Hedge Funds Weigh In On Incyte

Hedge funds have recently bought and sold shares of the company. Fiduciary Financial Advisors purchased a new stake in shares of Incyte during the second quarter worth approximately $26,000. Smithfield Trust Co grew its holdings in Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 162 shares in the last quarter. Leonteq Securities AG purchased a new stake in shares of Incyte in the 4th quarter valued at approximately $35,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Incyte during the 4th quarter worth $35,000. Finally, Continuum Advisory LLC acquired a new position in shares of Incyte during the second quarter worth $36,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte's commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.

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