Incyte (NASDAQ:INCY) Given New $70.00 Price Target at The Goldman Sachs Group

Incyte (NASDAQ:INCY) had its price objective hoisted by analysts at The Goldman Sachs Group from $63.00 to $70.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the biopharmaceutical company’s stock. The Goldman Sachs Group’s price objective would suggest a potential downside of 5.56% from the stock’s previous close.

Several other brokerages also recently issued reports on INCY. Citigroup increased their price target on Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Oppenheimer increased their price objective on Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday. Guggenheim increased their price objective on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Morgan Stanley increased their price objective on Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Incyte has an average rating of “Hold” and an average target price of $76.74.

Incyte Stock Up 0.3 %

Shares of Incyte stock opened at $74.12 on Wednesday. Incyte has a 1 year low of $50.27 and a 1 year high of $74.68. The business has a 50-day moving average of $65.80 and a two-hundred day moving average of $61.68. The company has a market capitalization of $14.28 billion, a P/E ratio of 22.46, a price-to-earnings-growth ratio of 5.31 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the company earned $0.77 earnings per share. The firm’s revenue was up 9.3% compared to the same quarter last year. As a group, equities analysts predict that Incyte will post 0.66 EPS for the current year.

Insider Activity

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of large investors have recently made changes to their positions in the company. V Square Quantitative Management LLC increased its stake in shares of Incyte by 4.1% during the third quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock worth $262,000 after purchasing an additional 155 shares during the period. Deseret Mutual Benefit Administrators increased its stake in shares of Incyte by 37.1% during the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 164 shares during the period. Moody National Bank Trust Division increased its stake in shares of Incyte by 1.3% during the second quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock worth $861,000 after purchasing an additional 179 shares during the period. Ballentine Partners LLC increased its stake in Incyte by 4.0% during the 2nd quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock worth $287,000 after acquiring an additional 182 shares during the period. Finally, Tectonic Advisors LLC increased its stake in Incyte by 1.6% during the 3rd quarter. Tectonic Advisors LLC now owns 12,390 shares of the biopharmaceutical company’s stock worth $819,000 after acquiring an additional 190 shares during the period. 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.