Incyte (NASDAQ:INCY) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Incyte (NASDAQ:INCY) had its price target lifted by research analysts at BMO Capital Markets from $94.00 to $112.00 in a report issued on Monday,Benzinga reports. The firm presently has a “market perform” rating on the biopharmaceutical company’s stock. BMO Capital Markets’ target price suggests a potential downside of 4.04% from the company’s current price.

INCY has been the subject of a number of other research reports. Weiss Ratings restated a “buy (b-)” rating on shares of Incyte in a research note on Monday, June 29th. Jefferies Financial Group cut Incyte from a “buy” rating to a “hold” rating and dropped their target price for the stock from $120.00 to $94.00 in a report on Monday, March 16th. Royal Bank Of Canada boosted their price target on Incyte from $95.00 to $99.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 7th. Barclays restated an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Finally, Citigroup restated a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. Eight equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $109.10.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $116.71 on Monday. The business has a fifty day simple moving average of $103.20 and a 200 day simple moving average of $100.50. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $23.32 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 1.07 and a beta of 0.76. Incyte has a one year low of $67.17 and a one year high of $118.97.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.16 earnings per share. Sell-side analysts expect that Incyte will post 6.61 EPS for the current year.

Insider Buying and Selling

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the sale, the insider owned 262,692 shares in the company, valued at approximately $25,349,778. This represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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

A number of hedge funds and other institutional investors have recently modified their holdings of INCY. Elyxium Wealth LLC bought a new position in shares of Incyte in the 4th quarter valued at $28,000. Smithfield Trust Co increased its holdings in Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares during the period. MUFG Securities EMEA plc bought a new position in shares of Incyte during the second quarter worth about $32,000. CYBER HORNET ETFs LLC acquired a new position in shares of Incyte in the 2nd quarter worth approximately $33,000. Finally, Leonteq Securities AG bought a new stake in Incyte during the fourth quarter valued at $35,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.