Incyte (NASDAQ:INCY) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Incyte (NASDAQ:INCY) in a report released on Tuesday, Benzinga reports. Royal Bank of Canada currently has a $67.00 price target on the biopharmaceutical company’s stock.

Several other research firms have also weighed in on INCY. Cantor Fitzgerald restated a neutral rating on shares of Incyte in a research report on Tuesday, June 18th. Citigroup boosted their target price on Incyte from $80.00 to $88.00 and gave the stock a buy rating in a report on Wednesday, July 31st. BMO Capital Markets reissued an underperform rating and issued a $48.00 target price (down from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. JPMorgan Chase & Co. boosted their target price on Incyte from $59.00 to $61.00 and gave the stock a neutral rating in a report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Incyte from $55.00 to $60.00 and gave the stock a hold rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $73.29.

Incyte Price Performance

Shares of INCY stock opened at $61.26 on Tuesday. The firm has a market cap of $13.76 billion, a P/E ratio of 18.56, a P/E/G ratio of 5.23 and a beta of 0.73. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $70.36. The business’s 50 day moving average price is $63.41 and its 200-day moving average price is $59.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. Incyte’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.77 earnings per share. On average, equities research analysts anticipate that Incyte will post 0.67 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the sale, the executive vice president now owns 36,701 shares of the company’s stock, valued at $2,569,070. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Barry P. Flannelly sold 19,164 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total value of $1,149,840.00. Following the completion of the transaction, the executive vice president now owns 66,377 shares of the company’s stock, valued at $3,982,620. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the transaction, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,189 shares of company stock valued at $2,812,522. Company insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Incyte by 0.9% during the first quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock valued at $1,294,120,000 after buying an additional 196,440 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Incyte by 28.0% during the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after buying an additional 779,243 shares during the last quarter. LSV Asset Management boosted its stake in Incyte by 0.5% during the second quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock valued at $167,911,000 after buying an additional 15,115 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Incyte by 17,460.4% during the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after buying an additional 2,676,851 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in Incyte by 70.5% during the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after buying an additional 1,101,041 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

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.