Incyte (NASDAQ:INCY) Stock Price Target Raised at Stifel Nicolaus

Key Points

• Stifel Nicolaus raised Incyte’s price target from $145 to $157 and reaffirmed a “buy” rating, implying approximately 36% upside from the reported $115.30 share price.
• Incyte reported strong quarterly results, with earnings of $3.09 per share versus the $2.15 consensus estimate and revenue of $1.67 billion, up 37.7% year over year.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and average price target of $126.75; institutional investors own 96.97% of the company.

Incyte (NASDAQ:INCY - Get Free Report) had its price objective lifted by equities researchers at Stifel Nicolaus from $145.00 to $157.00 in a research report issued on Monday, MarketBeat.com reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. Stifel Nicolaus' price target would indicate a potential upside of 36.17% from the stock's current price.

INCY has been the subject of several other reports. Canaccord Genuity Group started coverage on Incyte in a report on Thursday, August 20th. They issued a "buy" rating and a $152.00 price target for the company. Benchmark restated a "buy" rating on shares of Incyte in a report on Thursday, August 20th. Wall Street Zen raised Incyte from a "hold" rating to a "buy" rating in a research report on Saturday, September 12th. Piper Sandler upped their target price on Incyte from $110.00 to $130.00 and gave the company an "overweight" rating in a research note on Monday, August 17th. Finally, Guggenheim increased their target price on Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, Incyte has an average rating of "Moderate Buy" and a consensus price target of $126.75.

Incyte Price Performance

Shares of NASDAQ INCY opened at $115.30 on Monday. The company has a market cap of $23.37 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 3.50 and a beta of 0.74. Incyte has a 12 month low of $82.82 and a 12 month high of $132.60. The company has a 50-day simple moving average of $123.81 and a 200-day simple moving average of $109.45.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business 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 business posted $1.57 earnings per share. The company's revenue was up 37.7% on a year-over-year basis. On average, analysts anticipate that Incyte will post 2.52 EPS for the current year.

Insider Buying and Selling at Incyte

In related news, insider Pablo Cagnoni sold 10,801 shares of the stock in a transaction on Wednesday, August 19th. The stock was 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 of the company's stock, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of Incyte 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 owned 61,441 shares in the company, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company's stock.

Hedge Funds Weigh In On Incyte

Several hedge funds and other institutional investors have recently modified their holdings of INCY. BlackRock Inc. acquired a new stake in Incyte during the 2nd quarter worth approximately $2,044,189,000. Legal & General Group Plc acquired a new position in Incyte during the second quarter valued at approximately $182,054,000. Caisse de depot et placement du Quebec acquired a new position in Incyte during the second quarter valued at approximately $155,360,000. Deutsche Bank AG purchased a new stake in Incyte during the second quarter worth approximately $143,172,000. Finally, Bank of New York Mellon Corp purchased a new stake in Incyte during the second quarter worth approximately $110,279,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte's marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.

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