Incyte (NASDAQ:INCY) Given New $68.00 Price Target at Royal Bank of Canada

Incyte (NASDAQ:INCY - Free Report) had its price target decreased by Royal Bank of Canada from $70.00 to $68.00 in a report released on Tuesday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the biopharmaceutical company's stock.

Several other research firms have also commented on INCY. Citigroup decreased their price target on shares of Incyte from $97.00 to $88.00 and set a "buy" rating for the company in a report on Tuesday. Stifel Nicolaus lifted their price objective on shares of Incyte from $75.00 to $77.00 and gave the company a "hold" rating in a research report on Monday. Bank of America upgraded shares of Incyte from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. JPMorgan Chase & Co. lifted their price objective on shares of Incyte from $65.00 to $71.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group lifted their price objective on shares of Incyte from $63.00 to $70.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $75.59.

Incyte Stock Down 0.0 %

INCY stock traded down $0.03 during mid-day trading on Tuesday, hitting $69.98. 960,991 shares of the company were exchanged, compared to its average volume of 1,614,936. Incyte has a twelve month low of $50.35 and a twelve month high of $83.95. The firm has a fifty day simple moving average of $71.37 and a 200 day simple moving average of $69.17. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $13.48 billion, a PE ratio of 499.19, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. On average, research analysts forecast that Incyte will post 0.35 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other news, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the transaction, the executive vice president now directly owns 30,658 shares of the company's stock, valued at $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the transaction, the executive vice president now directly owns 66,967 shares in the company, valued at approximately $4,867,831.23. This trade represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,695 shares of company stock valued at $1,444,356 in the last quarter. Insiders own 17.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its stake in Incyte by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company's stock valued at $278,346,000 after acquiring an additional 103,910 shares during the last quarter. LSV Asset Management lifted its stake in Incyte by 18.6% in the fourth quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company's stock valued at $239,500,000 after acquiring an additional 544,080 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Incyte in the third quarter valued at approximately $156,611,000. Mizuho Securities USA LLC lifted its stake in Incyte by 13,814.7% in the third quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company's stock valued at $132,207,000 after acquiring an additional 1,985,726 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Incyte in the fourth quarter worth $121,890,000. 96.97% of the stock is owned by hedge funds and other 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.