Incyte (NASDAQ:INCY) Price Target Raised to $108.00

by · The Cerbat Gem

Incyte (NASDAQ:INCY – Free Report) had its price objective lifted by Sanford C. Bernstein from $104.00 to $108.00 in a research note released on Monday,Benzinga reports. The firm currently has a market perform rating on the biopharmaceutical company’s stock.

Several other research firms have also recently weighed in on INCY. Truist Financial boosted their price objective on shares of Incyte from $105.00 to $115.00 and gave the stock a “hold” rating in a research report on Wednesday, October 14th. Guggenheim increased their price objective on Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Barclays increased their price objective on Incyte from $139.00 to $143.00 and gave the company an “overweight” rating in a research report on Friday, October 30th. Raymond James Financial set a $152.00 target price on Incyte in a research note on Friday, October 16th. Finally, Oppenheimer set a $152.00 target price on Incyte in a research report on Tuesday, October 27th. Twelve investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $133.10.

View Our Latest Report on INCY

Incyte Trading Up 4.5%

INCY opened at $122.85 on Monday. The stock has a market capitalization of $25.04 billion, a PE ratio of 65.35, a PEG ratio of 4.28 and a beta of 0.78. Incyte has a 1-year low of $89.25 and a 1-year high of $132.60. The firm has a 50-day moving average price of $119.99 and a two-hundred day moving average price of $108.37.

Incyte (NASDAQ:INCY – Get Free Report) last announced its earnings results on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.93) by $0.33. Incyte had a net margin of 6.71% and a return on equity of 7.92%. The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the previous year, the firm posted $2.26 earnings per share. The company’s revenue was up 14.0% on a year-over-year basis. On average, research analysts predict that Incyte will post 2.24 EPS for the current year.

Insiders Place Their Bets

In other Incyte news, insider Pablo Cagnoni sold 10,801 shares of the firm’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 transaction, the insider directly owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Institutional Trading of Incyte

A number of institutional investors have recently bought and sold shares of INCY. BlackRock Inc. acquired a new position in Incyte during the 2nd quarter worth approximately $2,044,189,000. Legal & General Group Plc acquired a new stake in shares of Incyte in the second quarter valued at approximately $182,054,000. Caisse de depot et placement du Quebec acquired a new stake in shares of Incyte in the second quarter valued at approximately $155,360,000. Deutsche Bank AG bought a new stake in shares of Incyte in the second quarter worth $143,172,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Incyte in the second quarter worth $110,279,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

About Incyte

(Get Free Report)

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.

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