Incyte (NASDAQ:INCY) PT Lowered to $86.00

Incyte (NASDAQ:INCY) had its price target dropped by analysts at Royal Bank of Canada from $91.00 to $86.00 in a research note issued on Thursday, The Fly reports. The brokerage currently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 24.64% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Benchmark upgraded Incyte from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a research note on Tuesday, July 20th. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research report on Tuesday, June 15th. SVB Leerink cut their price target on shares of Incyte from $70.00 to $67.00 and set an “underperform” rating on the stock in a research report on Wednesday, August 4th. Finally, TheStreet downgraded shares of Incyte from a “b-” rating to a “c+” rating in a research note on Friday, August 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $95.38.

Shares of INCY opened at $69.00 on Thursday. The firm has a market cap of $15.24 billion, a P/E ratio of 45.40, a PEG ratio of 0.88 and a beta of 0.76. Incyte has a twelve month low of $68.62 and a twelve month high of $101.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.94 and a current ratio of 3.97. The firm’s 50 day moving average price is $75.35 and its two-hundred day moving average price is $80.05.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, August 3rd. The biopharmaceutical company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.54 by $0.26. The business had revenue of $705.71 million for the quarter, compared to analysts’ expectations of $686.95 million. Incyte had a net margin of 12.41% and a return on equity of 15.77%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.24 EPS. On average, sell-side analysts anticipate that Incyte will post 2.25 earnings per share for the current fiscal year.

In other Incyte news, EVP Yao Wenqing sold 27,194 shares of Incyte stock in a transaction on Tuesday, June 29th. The shares were sold at an average price of $85.37, for a total transaction of $2,321,551.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vijay K. Iyengar sold 4,911 shares of the firm’s stock in a transaction dated Thursday, July 29th. The stock was sold at an average price of $78.29, for a total transaction of $384,482.19. The disclosure for this sale can be found here. Insiders sold a total of 32,493 shares of company stock valued at $2,735,797 over the last quarter. 15.80% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INCY. Red Door Wealth Management LLC acquired a new position in Incyte in the 2nd quarter valued at $25,000. IFP Advisors Inc boosted its position in shares of Incyte by 852.9% in the second quarter. IFP Advisors Inc now owns 324 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 290 shares during the period. Allworth Financial LP acquired a new position in shares of Incyte in the second quarter valued at about $30,000. Parallel Advisors LLC grew its stake in shares of Incyte by 81.2% in the second quarter. Parallel Advisors LLC now owns 366 shares of the biopharmaceutical company’s stock valued at $31,000 after acquiring an additional 164 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in Incyte during the second quarter worth about $35,000. Institutional investors and hedge funds own 91.98% of the company’s stock.

Incyte Company Profile

Incyte Corp. is a biopharmaceutical company, which engages in the discovery, development and commercialization of proprietary therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late stage development, and commercialized products such as JAKAFI (ruxolitinib), and ICLUSIG (ponatinib).

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