Incyte (NASDAQ:INCY) Price Target Raised to $108.00

Key Points

• Sanford C. Bernstein raised Incyte’s price target from $104 to $108 while maintaining a “market perform” rating; the new target implies 9.43% downside from the prior close.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and average price target of $133.10 based on 12 Buy, 12 Hold, and 1 Sell rating.
• Incyte reported quarterly revenue of $1.56 billion, ahead of the $1.46 billion consensus, and adjusted EPS of ($3.60), beating estimates of ($3.93); shares traded at $119.25, down $1.14.

Incyte (NASDAQ:INCY - Get Free Report) had its target price boosted by equities researchers at Sanford C. Bernstein from $104.00 to $108.00 in a report issued on Monday, Benzinga reports. The firm presently has a "market perform" rating on the biopharmaceutical company's stock. Sanford C. Bernstein's price target points to a potential downside of 9.43% from the stock's previous close.

Other equities research analysts also recently issued reports about the company. Stifel Nicolaus increased their price target on Incyte from $145.00 to $157.00 and gave the stock a "buy" rating in a report on Monday, October 5th. BMO Capital Markets restated a "market perform" rating on shares of Incyte in a report on Tuesday, October 27th. Mizuho raised their target price on shares of Incyte from $121.00 to $137.00 and gave the company an "outperform" rating in a report on Tuesday, August 4th. Morgan Stanley initiated coverage on Incyte in a research report on Tuesday, October 20th. They set an "equal weight" rating and a $119.00 price objective for the company. Finally, Oppenheimer set a $152.00 target price on Incyte in a report on Tuesday, October 27th. Twelve investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $133.10.

Incyte Stock Performance

NASDAQ INCY traded down $1.14 during trading hours on Monday, hitting $119.25. The company had a trading volume of 644,700 shares, compared to its average volume of 1,733,547. The business has a 50 day moving average of $120.49 and a 200-day moving average of $108.14. The company has a market cap of $24.31 billion, a PE ratio of 63.43, a price-to-earnings-growth ratio of 4.99 and a beta of 0.78. Incyte has a 1-year low of $89.25 and a 1-year high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.93) by $0.33. The firm had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.46 billion. Incyte had a return on equity of 7.92% and a net margin of 6.71%. The firm's quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.26 EPS. Sell-side analysts expect that Incyte will post 1.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, insider Pablo Cagnoni sold 10,801 shares of the business's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the transaction, the insider owned 183,200 shares in the company, valued at $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Institutional Trading of Incyte

Several large investors have recently bought and sold shares of INCY. Trails Edge Capital Partners LP bought a new stake in Incyte in the second quarter valued at $17,570,800. Twin Capital Management Inc. purchased a new position in shares of Incyte during the first quarter valued at $875,000. Tidal Investments LLC raised its holdings in shares of Incyte by 33.4% during the second quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company's stock worth $11,657,000 after acquiring an additional 25,768 shares in the last quarter. BlackRock Inc. bought a new position in shares of Incyte during the 2nd quarter valued at $2,044,189,000. Finally, Mediolanum International Funds Ltd lifted its stake in shares of Incyte by 25.4% in the first quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company's stock worth $5,447,000 after buying an additional 12,227 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

About Incyte

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.

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