Bank of America Boosts Incyte (NASDAQ:INCY) Price Target to $68.00

Incyte (NASDAQ:INCY) had its price objective hoisted by stock analysts at Bank of America from $66.00 to $68.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “neutral” rating on the biopharmaceutical company’s stock. Bank of America‘s price objective points to a potential upside of 2.36% from the stock’s current price.

INCY has been the subject of several other reports. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a report on Monday. Deutsche Bank Aktiengesellschaft raised their price target on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Oppenheimer reduced their price target on Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a report on Friday, July 26th. JPMorgan Chase & Co. raised their price target on Incyte from $59.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Finally, William Blair restated an “outperform” rating on shares of Incyte in a report on Monday, September 9th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Incyte has a consensus rating of “Hold” and an average target price of $73.76.

Incyte Price Performance

INCY opened at $66.43 on Monday. The stock has a fifty day simple moving average of $64.14 and a two-hundred day simple moving average of $59.66. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. The company has a market cap of $14.92 billion, a price-to-earnings ratio of 20.13, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73. Incyte has a 12-month low of $50.27 and a 12-month high of $70.36.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The firm 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 revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.77 EPS. Research analysts predict that Incyte will post 0.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Thomas Tray sold 572 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction on 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 sale, the executive vice president now owns 36,701 shares in the company, valued at approximately $2,569,070. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Tray sold 572 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,047 shares of company stock valued at $2,225,626. Corporate insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several hedge funds have recently bought and sold shares of INCY. Pacer Advisors Inc. grew its position in Incyte by 17,460.4% in the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after acquiring an additional 2,676,851 shares during the last quarter. Norges Bank bought a new position in Incyte in the 4th quarter valued at $123,253,000. AQR Capital Management LLC grew its position in Incyte by 70.5% in the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after acquiring an additional 1,101,041 shares during the last quarter. KBC Group NV grew its position in Incyte by 842.2% in the 4th quarter. KBC Group NV now owns 955,749 shares of the biopharmaceutical company’s stock valued at $60,011,000 after acquiring an additional 854,311 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in Incyte by 28.0% in the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after acquiring an additional 779,243 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.