Incyte (NASDAQ:INCY) Price Target Raised to $73.00

Incyte (NASDAQ:INCY - Get Free Report) had its price objective lifted by equities research analysts at Truist Financial from $72.00 to $73.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "hold" rating on the biopharmaceutical company's stock. Truist Financial's price target indicates a potential upside of 10.54% from the stock's current price.

Other equities research analysts have also issued reports about the stock. Guggenheim lowered shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price objective on the stock. in a report on Tuesday, March 18th. Stifel Nicolaus increased their price objective on shares of Incyte from $75.00 to $77.00 and gave the stock a "hold" rating in a research report on Monday, February 10th. Wells Fargo & Company increased their price objective on shares of Incyte from $58.00 to $59.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. William Blair lowered shares of Incyte from an "outperform" rating to a "market perform" rating in a research note on Tuesday, March 18th. Finally, Royal Bank of Canada raised their price target on Incyte from $64.00 to $67.00 and gave the company a "sector perform" rating in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $73.60.

Incyte Stock Up 1.7%

NASDAQ:INCY traded up $1.11 on Tuesday, reaching $66.04. 1,614,282 shares of the stock traded hands, compared to its average volume of 2,294,581. The company's fifty day simple moving average is $60.74 and its 200 day simple moving average is $67.62. Incyte has a 12 month low of $53.56 and a 12 month high of $83.95. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $12.78 billion, a price-to-earnings ratio of 244.60, a PEG ratio of 0.41 and a beta of 0.68.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.15. Incyte had a return on equity of 0.05% and a net margin of 0.77%. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $996.17 million. During the same period in the previous year, the company posted $0.64 EPS. The business's quarterly revenue was up 19.5% compared to the same quarter last year. Equities analysts predict that Incyte will post 4.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the transaction, the executive vice president now owns 25,848 shares in the company, valued at approximately $1,809,101.52. This represents a 2.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of the business's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the completion of the transaction, the executive vice president now directly owns 33,567 shares in the company, valued at $2,272,150.23. This trade represents a 37.11% decrease in their position. The disclosure for this sale can be found here. 17.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Incyte

Hedge funds have recently modified their holdings of the company. Retirement Systems of Alabama grew its holdings in shares of Incyte by 0.4% in the fourth quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company's stock valued at $2,391,000 after purchasing an additional 139 shares during the period. Nissay Asset Management Corp Japan ADV grew its position in Incyte by 0.7% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock worth $1,410,000 after purchasing an additional 150 shares during the last quarter. Trust Point Inc. lifted its holdings in shares of Incyte by 5.0% during the fourth quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company's stock worth $227,000 after purchasing an additional 156 shares during the period. Advisory Alpha LLC increased its position in Incyte by 2.1% during the 1st quarter. Advisory Alpha LLC now owns 8,056 shares of the biopharmaceutical company's stock worth $488,000 after purchasing an additional 166 shares during the period. Finally, Bank of Nova Scotia increased its holdings in Incyte by 0.8% in the fourth quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company's stock valued at $1,498,000 after buying an additional 171 shares in the last quarter. 96.97% of the stock is 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.