Incyte’s (INCY) “Sector Perform” Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada reaffirmed their sector perform rating on shares of Incyte (NASDAQ:INCY) in a research note issued to investors on Tuesday morning,Benzinga reports. Royal Bank Of Canada currently has a $109.00 price objective on the biopharmaceutical company’s stock.

A number of other analysts have also weighed in on INCY. Stifel Nicolaus set a $145.00 target price on shares of Incyte in a report on Tuesday, July 28th. Benchmark reissued a “buy” rating on shares of Incyte in a report on Thursday, August 20th. Guggenheim boosted their price target on shares of Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Leerink Partners upped their price target on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Finally, Oppenheimer reiterated a “market perform” rating and issued a $120.00 price objective on shares of Incyte in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $124.05.

Incyte Stock Performance

INCY stock opened at $124.44 on Tuesday. The company has a market capitalization of $25.22 billion, a price-to-earnings ratio of 15.85, a PEG ratio of 3.69 and a beta of 0.77. Incyte has a fifty-two week low of $81.09 and a fifty-two week high of $132.60. The stock has a fifty day moving average of $123.30 and a 200-day moving average of $108.32.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the business earned $1.57 EPS. Incyte’s revenue was up 37.7% compared to the same quarter last year. Equities analysts predict that Incyte will post 2.64 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Patrick Mayes sold 41,899 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the sale, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 10,801 shares of Incyte stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the sale, the insider directly owned 183,200 shares of the company’s stock, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Incyte

A number of large investors have recently added to or reduced their stakes in the company. Trails Edge Capital Partners LP purchased a new position in Incyte during the 2nd quarter valued at about $17,570,800. Twin Capital Management Inc. bought a new position in Incyte during the 1st quarter valued at approximately $875,000. BlackRock Inc. purchased a new stake in Incyte in the 2nd quarter worth approximately $2,044,189,000. Sector Gamma AS lifted its holdings in Incyte by 6.7% in the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock worth $21,609,000 after buying an additional 13,669 shares during the period. Finally, Mediolanum International Funds Ltd grew its position in shares of Incyte by 25.4% in the 1st quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company’s stock worth $5,447,000 after buying an additional 12,227 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.