Citigroup Increases Incyte (NASDAQ:INCY) Price Target to $97.00

Incyte (NASDAQ:INCY) had its price objective hoisted by equities research analysts at Citigroup from $92.00 to $97.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price objective points to a potential upside of 30.87% from the company’s current price.

Other equities analysts have also issued research reports about the stock. JMP Securities restated a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. Royal Bank of Canada upped their price target on shares of Incyte from $67.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research note on Monday, September 16th. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and upped their price target for the company from $68.00 to $90.00 in a research note on Tuesday. Finally, BMO Capital Markets reaffirmed an “underperform” rating and set a $52.00 price target (up previously from $48.00) on shares of Incyte in a research note 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $76.74.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $74.12 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The firm has a fifty day moving average price of $65.80 and a 200 day moving average price of $61.68. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $74.68. The firm has a market cap of $14.28 billion, a price-to-earnings ratio of 22.46, a P/E/G ratio of 5.31 and a beta of 0.73.

Incyte (NASDAQ:INCY) last issued its earnings results 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). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company posted $0.77 EPS. Incyte’s revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts expect that Incyte will post 0.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Incyte news, insider Thomas Tray sold 572 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction dated Thursday, September 12th. The stock was 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 approximately $2,269,280.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INCY. Pacer Advisors Inc. grew its holdings in Incyte by 17,460.4% during the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after acquiring an additional 2,676,851 shares in the last quarter. AQR Capital Management LLC grew its holdings in Incyte by 70.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock worth $159,905,000 after acquiring an additional 1,101,041 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Incyte by 28.0% during the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock worth $215,833,000 after acquiring an additional 779,243 shares in the last quarter. Swedbank AB bought a new stake in shares of Incyte in the 1st quarter valued at about $37,440,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Incyte by 122.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock valued at $54,116,000 after buying an additional 490,680 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

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.