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

Key Points

• Stifel Nicolaus raised its price target for Incyte (NASDAQ:INCY) from $110 to $115, indicating a potential upside of 34.86% from its previous close, while maintaining a "buy" rating.
• Other analysts have also updated their ratings, with Truist Financial raising its target to $79 (hold), Wells Fargo increasing it to $89 (overweight), and BMO Capital Markets setting it at $60 (underperform).
• Incyte insiders sold a total of 56,376 shares within the last 90 days, representing a decrease in ownership for the executives involved, as 17.80% of the stock is currently owned by insiders.

Incyte (NASDAQ:INCY - Get Free Report) had its price objective increased by research analysts at Stifel Nicolaus from $110.00 to $115.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. Stifel Nicolaus' price target indicates a potential upside of 34.86% from the company's previous close.

Several other research analysts also recently commented on the stock. Truist Financial lifted their price target on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Wells Fargo & Company raised shares of Incyte from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. BMO Capital Markets reissued an "underperform" rating and set a $60.00 price target (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. UBS Group reaffirmed a "neutral" rating and issued a $68.00 target price (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Royal Bank Of Canada lifted their target price on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $83.07.

Incyte Price Performance

INCY stock traded down $1.26 during mid-day trading on Monday, hitting $85.28. 528,714 shares of the stock were exchanged, compared to its average volume of 1,867,802. 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 business has a fifty day moving average price of $80.18 and a 200 day moving average price of $69.55. Incyte has a 12 month low of $53.56 and a 12 month high of $87.99. The stock has a market capitalization of $16.65 billion, a price-to-earnings ratio of 19.40, a PEG ratio of 0.68 and a beta of 0.75.

Insider Buying and Selling

In other news, EVP Barry P. Flannelly sold 1,192 shares of the firm's stock in a transaction 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 owned 37,630 shares of the company's stock, valued at $2,628,831.80. This trade represents a 3.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $82,225.22. Following the completion of the sale, the executive vice president directly owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,376 shares of company stock valued at $3,859,312. 17.80% of the stock is owned by insiders.

Institutional Trading of Incyte

Several hedge funds and other institutional investors have recently modified their holdings of INCY. Royal Bank of Canada raised its holdings in shares of Incyte by 24.4% during the fourth quarter. Royal Bank of Canada now owns 209,479 shares of the biopharmaceutical company's stock worth $14,468,000 after acquiring an additional 41,071 shares in the last quarter. Two Sigma Investments LP raised its holdings in shares of Incyte by 36.3% during the fourth quarter. Two Sigma Investments LP now owns 28,049 shares of the biopharmaceutical company's stock worth $1,937,000 after acquiring an additional 7,465 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of Incyte during the fourth quarter worth $550,000. Jefferies Financial Group Inc. purchased a new stake in shares of Incyte during the fourth quarter worth $2,955,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Incyte during the fourth quarter worth $15,548,000. 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.

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