Incyte (NASDAQ:INCY) Stock Rating Reaffirmed as “Sector Perform” by Royal Bank Of Canada

Incyte (NASDAQ:INCY)‘s stock had its “sector perform” rating reaffirmed by stock analysts at Royal Bank Of Canada in a report issued on Tuesday, Benzinga reports. They presently have a $109.00 target price on the biopharmaceutical company’s stock. Royal Bank Of Canada’s target price would suggest a potential downside of 12.67% from the company’s previous close.

A number of other research firms have also commented on INCY. Citigroup reaffirmed a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. Leerink Partners increased their target price on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. TD Cowen raised shares of Incyte to a “strong-buy” rating in a report on Monday, August 24th. BMO Capital Markets reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, September 1st. Finally, Wall Street Zen upgraded Incyte from a “hold” rating to a “buy” rating in a research note on Saturday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat, Incyte currently has a consensus rating of “Moderate Buy” and a consensus target price of $124.80.

Incyte Price Performance

INCY traded up $0.93 during trading on Tuesday, hitting $124.82. The stock had a trading volume of 1,429,374 shares, compared to its average volume of 1,451,081. The company has a 50 day moving average price of $123.62 and a 200-day moving average price of $108.71. Incyte has a one year low of $82.52 and a one year high of $132.60. The firm has a market cap of $25.30 billion, a price-to-earnings ratio of 15.90, a P/E/G ratio of 3.60 and a beta of 0.77.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.57 EPS. As a group, sell-side analysts predict that Incyte will post 2.64 EPS for the current fiscal year.

Insider Activity

In other news, insider Pablo Cagnoni sold 10,801 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the sale, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Incyte

Several institutional investors and hedge funds have recently added to or reduced their stakes in INCY. BlackRock Inc. bought a new stake in shares of Incyte during the 2nd quarter worth $2,044,189,000. Geode Capital Management LLC raised its stake in Incyte by 11.3% during the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after acquiring an additional 506,842 shares in the last quarter. Wellington Management Group LLP raised its stake in Incyte by 9.5% during the second quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock worth $405,321,000 after acquiring an additional 309,385 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Incyte by 30.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,288,874 shares of the biopharmaceutical company’s stock worth $211,927,000 after acquiring an additional 527,703 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Incyte by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock worth $185,873,000 after acquiring an additional 187,354 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.

More Incyte News

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: The FDA approval of Atebrioz expands Incyte’s commercial opportunity into FOP. Approval was supported by clinical data showing a reduction in the volume of new heterotopic ossification lesions, potentially creating a new source of revenue and strengthening the company’s rare-disease pipeline. Incyte, Mirum’s Treatment of Rare Genetic Ossification Condition Approved by US FDA
• Positive Sentiment: H.C. Wainwright raised its Incyte price target to $152 from $150 and maintained a Buy rating. The firm cited the Atebrioz approval and additional upside from Incyte’s KRAS drug pipeline, implying substantial appreciation potential from recent trading levels. Incyte: Atebrioz Approval and KRAS Pipeline Upside Drive Buy Rating
• Neutral Sentiment: JPMorgan raised its price target to $123 from $120 but retained a Neutral rating. The revised target remains slightly below the stock’s recent trading level, indicating that the firm views the FDA approval as positive but believes much of the near-term benefit may already be reflected in the valuation.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.