The Incyte Corp. (INCY) Given New $113.00 Price Target at Royal Bank Of Canada

The Incyte Corp. (INCY) Given New $113.00 Price Target at Royal Bank Of Canada

Incyte Corp. (NASDAQ:INCY) had its price objective boosted by Royal Bank Of Canada from $106.00 to $113.00 in a research note released on Wednesday. Royal Bank Of Canada currently has an outperform rating on the biopharmaceutical company’s stock.

INCY has been the topic of several other reports. Zacks Investment Research downgraded Incyte Corp. from a buy rating to a hold rating in a research report on Tuesday, August 16th. RBC Capital Markets reiterated an outperform rating and set a $116.00 target price on shares of Incyte Corp. in a research report on Wednesday, September 28th. Argus lifted their target price on Incyte Corp. from $92.00 to $98.00 and gave the company a buy rating in a research report on Monday, September 26th. SunTrust Banks Inc. initiated coverage on Incyte Corp. in a research report on Friday, August 5th. They issued a buy rating and a $105.00 price objective on the stock. Finally, JMP Securities boosted their price objective on Incyte Corp. from $100.00 to $110.00 and gave the company a market outperform rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. Incyte Corp. has a consensus rating of Buy and a consensus target price of $105.79.

Incyte Corp. (NASDAQ:INCY) traded down 1.406% during trading on Wednesday, reaching $88.705. The company had a trading volume of 147,409 shares. The firm’s 50 day moving average is $86.48 and its 200 day moving average is $81.39. Incyte Corp. has a one year low of $55.00 and a one year high of $124.98. The company has a market capitalization of $16.68 billion, a PE ratio of 241.046 and a beta of 0.54.

Incyte Corp. (NASDAQ:INCY) last released its earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.20. The company had revenue of $208 million for the quarter, compared to the consensus estimate of $236.91 million. Incyte Corp. had a return on equity of 37.76% and a net margin of 7.87%. Incyte Corp.’s quarterly revenue was up 51.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 earnings per share. On average, equities research analysts predict that Incyte Corp. will post $0.19 earnings per share for the current year.

In other news, EVP Barry P. Flannelly sold 24,204 shares of the company’s stock in a transaction that occurred on Friday, October 7th. The stock was sold at an average price of $97.00, for a total transaction of $2,347,788.00. Following the transaction, the executive vice president now owns 13,595 shares of the company’s stock, valued at $1,318,715. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Paula J. Swain sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $90.00, for a total value of $1,800,000.00. Following the transaction, the executive vice president now directly owns 49,248 shares in the company, valued at approximately $4,432,320. The disclosure for this sale can be found here. Insiders own 13.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Incyte Corp. by 2.9% in the second quarter. Vanguard Group Inc. now owns 11,973,101 shares of the biopharmaceutical company’s stock worth $957,608,000 after buying an additional 340,717 shares in the last quarter. Capital World Investors boosted its position in Incyte Corp. by 1.3% in the second quarter. Capital World Investors now owns 10,686,491 shares of the biopharmaceutical company’s stock worth $854,706,000 after buying an additional 134,000 shares in the last quarter. Capital International Investors boosted its position in Incyte Corp. by 9.2% in the second quarter. Capital International Investors now owns 5,918,033 shares of the biopharmaceutical company’s stock worth $473,324,000 after buying an additional 499,536 shares in the last quarter. FMR LLC boosted its position in Incyte Corp. by 2.1% in the second quarter. FMR LLC now owns 4,971,659 shares of the biopharmaceutical company’s stock worth $397,633,000 after buying an additional 100,334 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in Incyte Corp. by 5.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,143,431 shares of the biopharmaceutical company’s stock worth $331,392,000 after buying an additional 207,712 shares in the last quarter. 92.32% of the stock is currently owned by hedge funds and other institutional investors.

About Incyte Corp.

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