The Goldman Sachs Group Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price objective lifted by The Goldman Sachs Group from $63.00 to $70.00 in a report released on Wednesday morning, Benzinga reports. They currently have a neutral rating on the biopharmaceutical company’s stock.

Several other research analysts also recently commented on the company. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and raised their target price for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. Royal Bank of Canada raised their price objective on shares of Incyte from $67.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday. Morgan Stanley upped their target price on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a report on Monday, September 16th. Finally, BMO Capital Markets reaffirmed an “underperform” rating and issued a $52.00 price target (up previously from $48.00) on shares of Incyte in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Incyte currently has a consensus rating of “Hold” and a consensus price target of $76.74.

Incyte Price Performance

Incyte stock opened at $76.13 on Wednesday. The business’s 50 day simple moving average is $66.04 and its 200 day simple moving average is $61.90. Incyte has a 12 month low of $50.35 and a 12 month high of $76.33. The company has a market cap of $14.67 billion, a price-to-earnings ratio of 543.82, a PEG ratio of 6.49 and a beta of 0.71. The company has a current ratio of 1.87, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The company’s revenue was up 23.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.91 earnings per share. Sell-side analysts forecast that Incyte will post 0.52 EPS for the current year.

Insider Activity at Incyte

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Incyte news, insider Thomas Tray sold 572 shares of Incyte stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.60% of the stock is owned by company insiders.

Institutional Trading of Incyte

A number of institutional investors and hedge funds have recently modified their holdings of the business. MFA Wealth Advisors LLC bought a new position in shares of Incyte during the 2nd quarter valued at $26,000. Innealta Capital LLC purchased a new stake in Incyte during the 2nd quarter valued at approximately $32,000. Cromwell Holdings LLC grew its stake in Incyte by 101.1% during the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock valued at $37,000 after acquiring an additional 283 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in shares of Incyte in the first quarter worth about $32,000. Finally, Itau Unibanco Holding S.A. bought a new stake in Incyte in the 2nd quarter worth approximately $36,000. 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.