Citigroup Forecasts Strong Price Appreciation for Incyte (NASDAQ:INCY) Stock

Key Points

• Citigroup has raised its price target for Incyte from $88.00 to $103.00, reflecting a potential upside of 32.19% from its previous close, while maintaining a "buy" rating on the stock.
• Incyte reported a quarterly EPS of $1.16, surpassing analysts' expectations by $0.15, and its revenue increased by 19.5% year-over-year to $1.05 billion.
• Several other analysts provided mixed ratings: BMO Capital Markets set a price target of $60.00 with an "underperform" rating, while Wall Street Zen upgraded Incyte to a "strong-buy."

Incyte (NASDAQ:INCY - Free Report) had its target price raised by Citigroup from $88.00 to $103.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the biopharmaceutical company's stock.

Several other analysts have also weighed in on the company. Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and boosted their price objective for the company from $75.00 to $107.00 in a report on Monday, June 16th. Truist Financial boosted their price objective on Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research report on Wednesday. BMO Capital Markets restated an "underperform" rating and set a $60.00 price objective (up from $52.00) on shares of Incyte in a research note on Wednesday. Royal Bank Of Canada upped their price objective on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday. Finally, Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $78.50.

Incyte Stock Down 0.7%

Incyte stock traded down $0.53 during midday trading on Wednesday, hitting $74.36. The stock had a trading volume of 346,563 shares, compared to its average volume of 1,876,875. The company has a current ratio of 2.85, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01. The stock has a market cap of $14.39 billion, a P/E ratio of 16.92, a P/E/G ratio of 0.65 and a beta of 0.68. Incyte has a 12 month low of $53.56 and a 12 month high of $83.95. The business has a fifty day moving average price of $68.72 and a 200 day moving average price of $66.68.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.15. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $996.17 million. Incyte had a return on equity of 21.99% and a net margin of 18.99%. Incyte's quarterly revenue was up 19.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.64 earnings per share. Research analysts predict that Incyte will post 4.86 EPS for the current year.

Insider Transactions at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 1,192 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $83,273.12. Following the completion of the sale, the executive vice president directly owned 37,630 shares in the company, valued at $2,628,831.80. This represents a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the sale, the executive vice president owned 26,504 shares of the company's stock, valued at $1,818,439.44. This trade represents a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Incyte

A number of institutional investors have recently added to or reduced their stakes in INCY. AQR Capital Management LLC lifted its position in Incyte by 92.3% in the first quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company's stock worth $405,787,000 after purchasing an additional 3,233,356 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in shares of Incyte by 71.5% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 2,386,311 shares of the biopharmaceutical company's stock valued at $162,508,000 after acquiring an additional 995,204 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Incyte by 65.6% during the 1st quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company's stock valued at $152,062,000 after acquiring an additional 994,609 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Incyte by 861.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock valued at $61,587,000 after acquiring an additional 798,877 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Incyte during the 2nd quarter valued at $50,076,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.