Analysts Set Incyte Corporation (NASDAQ:INCY) Target Price at $82.53

Key Points

• Incyte Corporation has received a consensus rating of "Hold" from eighteen brokerages, with one sell rating, ten holds, and seven buy ratings.
• The average price target for Incyte's stock among analysts is $82.53, with some brokerages adjusting their targets recently, including Bank of America raising it to $104.00.
• Insider trading activity includes significant sales by executives, with total insider sales reaching $3.86 million over the last quarter.

Shares of Incyte Corporation (NASDAQ:INCY - Get Free Report) have received a consensus rating of "Hold" from the eighteen ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $83.0667.

A number of brokerages have recently issued reports on INCY. JPMorgan Chase & Co. lifted their price objective on shares of Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, August 22nd. Barclays assumed coverage on shares of Incyte in a research note on Friday, August 1st. They set an "overweight" rating and a $90.00 price objective for the company. BMO Capital Markets restated an "underperform" rating and issued a $60.00 target price (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Citigroup upped their price objective on shares of Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Finally, Truist Financial increased their price target on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th.

Incyte Stock Up 0.7%

Shares of NASDAQ:INCY traded up $0.57 during trading hours on Friday, hitting $85.30. The company's stock had a trading volume of 33,377 shares, compared to its average volume of 1,863,005. Incyte has a 52 week low of $53.56 and a 52 week high of $87.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. The company has a market capitalization of $16.66 billion, a price-to-earnings ratio of 19.38, a P/E/G ratio of 0.68 and a beta of 0.75. The firm's fifty day moving average price is $80.47 and its 200 day moving average price is $69.65.

Insider Activity

In other Incyte news, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $67.94, for a total transaction of $251,785.64. Following the completion of the transaction, the executive vice president owned 102,886 shares of the company's stock, valued at $6,990,074.84. This trade represents a 3.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Vijay K. Iyengar sold 1,177 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the transaction, the executive vice president directly owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. The trade was a 3.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,376 shares of company stock valued at $3,859,312 in the last ninety days. 17.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of Nova Scotia boosted its position in shares of Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company's stock worth $1,160,000 after purchasing an additional 124 shares in the last quarter. MAI Capital Management increased its stake in shares of Incyte by 19.9% during the 2nd quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company's stock valued at $51,000 after acquiring an additional 125 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Incyte by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company's stock worth $612,000 after purchasing an additional 147 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Incyte by 10.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company's stock worth $116,000 after purchasing an additional 156 shares during the period. Finally, E Fund Management Co. Ltd. boosted its holdings in Incyte by 0.8% in the 2nd quarter. E Fund Management Co. Ltd. now owns 19,912 shares of the biopharmaceutical company's stock worth $1,356,000 after acquiring an additional 158 shares during the period. 96.97% of the stock is currently owned by hedge funds and other 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.