Royal Bank of Canada Decreases Stake in Incyte Corporation $INCY

Royal Bank of Canada lowered its position in shares of Incyte Corporation (NASDAQ:INCY) by 5.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,054,123 shares of the biopharmaceutical company’s stock after selling 62,259 shares during the quarter. Royal Bank of Canada owned 0.53% of Incyte worth $99,212,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Barclays raised their target price on Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research report on Wednesday. Oppenheimer reissued a “market perform” rating and issued a $120.00 price target on shares of Incyte in a report on Tuesday. BMO Capital Markets increased their price target on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a research report on Wednesday. Truist Financial raised their price objective on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Finally, Weiss Ratings raised shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. Eight equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to data from MarketBeat.com, Incyte has an average rating of “Hold” and a consensus price target of $117.74.

Incyte Price Performance

NASDAQ:INCY opened at $119.52 on Friday. The business has a fifty day simple moving average of $109.54 and a two-hundred day simple moving average of $102.24. Incyte Corporation has a 1 year low of $73.81 and a 1 year high of $132.60. The company has a market capitalization of $24.23 billion, a P/E ratio of 15.23, a P/E/G ratio of 1.60 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the company posted $1.57 earnings per share. The business’s revenue was up 37.7% on a year-over-year basis. As a group, analysts anticipate that Incyte Corporation will post 6.38 earnings per share for the current year.

Incyte Profile

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.