Incyte (NASDAQ:INCY) Given “Sector Perform” Rating at Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Incyte (NASDAQ:INCY) in a research note released on Monday, Benzinga reports. They currently have a $65.00 price target on the biopharmaceutical company’s stock.

INCY has been the subject of several other reports. Jefferies Financial Group assumed coverage on shares of Incyte in a report on Friday, February 23rd. They issued a buy rating and a $81.00 target price for the company. William Blair reissued an outperform rating on shares of Incyte in a report on Tuesday, February 6th. Bank of America reduced their target price on shares of Incyte from $69.00 to $67.00 and set a neutral rating for the company in a report on Wednesday, March 13th. Stifel Nicolaus increased their target price on shares of Incyte from $67.00 to $68.00 and gave the stock a hold rating in a report on Wednesday, February 14th. Finally, Mizuho reduced their target price on shares of Incyte from $82.00 to $77.00 and set a neutral rating for the company in a report on Thursday, December 14th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Incyte presently has a consensus rating of Moderate Buy and an average price target of $76.07.

Incyte Price Performance

INCY opened at $56.97 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.55. The stock has a market capitalization of $12.79 billion, a P/E ratio of 21.50, a P/E/G ratio of 1.21 and a beta of 0.65. The company’s 50-day simple moving average is $59.13 and its two-hundred day simple moving average is $58.58. Incyte has a 52-week low of $50.27 and a 52-week high of $76.04.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a net margin of 16.17% and a return on equity of 12.56%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the company earned $0.44 EPS. Incyte’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, analysts predict that Incyte will post 3.85 EPS for the current year.

Insider Activity

In related news, EVP Vijay K. Iyengar sold 657 shares of Incyte stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $65.00, for a total value of $42,705.00. Following the completion of the sale, the executive vice president now directly owns 43,412 shares in the company, valued at $2,821,780. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 17.50% of the company’s stock.

Institutional Investors Weigh In On Incyte

A number of large investors have recently modified their holdings of the business. D.A. Davidson & CO. boosted its position in Incyte by 4.8% in the first quarter. D.A. Davidson & CO. now owns 3,300 shares of the biopharmaceutical company’s stock valued at $262,000 after buying an additional 150 shares during the last quarter. Silverarc Capital Management LLC raised its stake in Incyte by 0.5% in the 2nd quarter. Silverarc Capital Management LLC now owns 34,110 shares of the biopharmaceutical company’s stock valued at $2,123,000 after purchasing an additional 172 shares during the last quarter. Clear Street Markets LLC increased its stake in shares of Incyte by 93.6% in the 1st quarter. Clear Street Markets LLC now owns 362 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 175 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund increased its stake in shares of Incyte by 2.8% in the 3rd quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 6,616 shares of the biopharmaceutical company’s stock worth $441,000 after acquiring an additional 183 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Incyte by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 44,169 shares of the biopharmaceutical company’s stock worth $2,773,000 after purchasing an additional 187 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

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.