Citigroup Increases Incyte (NASDAQ:INCY) Price Target to $103.00

Incyte (NASDAQ:INCY) had its target price upped by investment analysts at Citigroup from $88.00 to $103.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price objective would indicate a potential upside of 37.54% from the stock’s previous close.

INCY has been the topic of a number of other reports. JPMorgan Chase & Co. dropped their target price on shares of Incyte from $68.00 to $67.00 and set a “neutral” rating on the stock in a research note on Monday, July 14th. Royal Bank Of Canada boosted their price target on Incyte from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday. Wall Street Zen raised Incyte from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. BMO Capital Markets restated an “underperform” rating and set a $60.00 price objective (up from $52.00) on shares of Incyte in a report on Wednesday. Finally, Wells Fargo & Company lifted their target price on Incyte from $59.00 to $67.00 and gave the company an “equal weight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, twelve have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $77.73.

Incyte Stock Performance

INCY stock opened at $74.89 on Wednesday. Incyte has a twelve month low of $53.56 and a twelve month high of $83.95. The firm has a market cap of $14.50 billion, a price-to-earnings ratio of 17.02, a PEG ratio of 0.65 and a beta of 0.68. The business’s fifty day simple moving average is $68.72 and its two-hundred day simple moving average is $66.68. The company has a quick ratio of 2.00, a current ratio of 2.85 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.01 by $0.15. Incyte had a net margin of 18.99% and a return on equity of 21.99%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $996.17 million. During the same quarter last year, the firm posted $0.64 EPS. The firm’s revenue was up 19.5% compared to the same quarter last year. Analysts predict that Incyte will post 4.86 earnings per share for the current year.

Insider Activity

In other news, EVP Barry P. Flannelly sold 10,903 shares of the firm’s stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total value of $743,039.45. Following the sale, the executive vice president directly owned 39,744 shares in the company, valued at approximately $2,708,553.60. This trade represents a 21.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the business’s stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total transaction of $41,097.39. Following the transaction, the executive vice president owned 26,504 shares of the company’s stock, valued at approximately $1,818,439.44. This trade represents a 2.21% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,098 shares of company stock valued at $3,836,196. Company insiders own 17.80% of the company’s stock.

Institutional Trading of Incyte

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Banque Transatlantique SA purchased a new position in Incyte during the 1st quarter worth $26,000. FNY Investment Advisers LLC purchased a new stake in Incyte in the second quarter valued at about $27,000. Raiffeisen Bank International AG acquired a new stake in Incyte in the fourth quarter worth about $34,000. Hilltop National Bank purchased a new stake in shares of Incyte during the second quarter worth about $37,000. Finally, SVB Wealth LLC acquired a new position in shares of Incyte during the first quarter valued at about $39,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.