Incyte (NASDAQ:INCY) Price Target Increased to $92.00 by Analysts at Guggenheim

Incyte (NASDAQ:INCY) had its target price boosted by Guggenheim from $86.00 to $92.00 in a report published on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

Several other equities research analysts also recently issued reports on INCY. William Blair reaffirmed an outperform rating on shares of Incyte in a report on Monday, September 9th. Cantor Fitzgerald reaffirmed a neutral rating on shares of Incyte in a report on Monday. Deutsche Bank Aktiengesellschaft increased their price target on shares of Incyte from $55.00 to $60.00 and gave the company a hold rating in a report on Thursday, August 1st. Bank of America boosted their price objective on Incyte from $66.00 to $68.00 and gave the stock a neutral rating in a report on Monday. Finally, Citigroup increased their target price on Incyte from $80.00 to $88.00 and gave the stock a buy rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Incyte presently has a consensus rating of Hold and a consensus price target of $73.76.

Incyte Stock Up 4.5 %

Incyte stock opened at $66.41 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. The company’s 50-day moving average is $64.03 and its 200-day moving average is $59.61. The firm has a market capitalization of $14.91 billion, a PE ratio of 20.12, a P/E/G ratio of 5.03 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.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The business had revenue of $1.04 billion for 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%. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.77 EPS. Sell-side analysts anticipate that Incyte will post 0.67 earnings per share for the current year.

Insider Activity

In related news, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the sale, the executive vice president now owns 50,534 shares in the company, valued at approximately $3,032,040. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Barry P. Flannelly sold 1,306 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total transaction of $83,832.14. Following the completion of the transaction, the executive vice president now owns 58,042 shares of the company’s stock, valued at approximately $3,725,715.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Barry P. Flannelly sold 8,148 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total value of $488,880.00. Following the completion of the sale, the executive vice president now directly owns 50,534 shares in the company, valued at $3,032,040. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,047 shares of company stock worth $2,225,626. 17.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in INCY. Cape Investment Advisory Inc. acquired a new position in Incyte during the 4th quarter worth approximately $25,000. MFA Wealth Advisors LLC acquired a new position in shares of Incyte during the second quarter worth $26,000. Redmont Wealth Advisors LLC bought a new position in shares of Incyte in the 1st quarter valued at $28,000. Riverview Trust Co acquired a new stake in shares of Incyte during the 1st quarter valued at $29,000. Finally, Fidelis Capital Partners LLC bought a new stake in Incyte during the 1st quarter worth $32,000. 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.