Incyte (NASDAQ:INCY) Price Target Lowered to $72.00 at Truist Financial

Incyte (NASDAQ:INCY) had its target price reduced by Truist Financial from $74.00 to $72.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “hold” rating on the biopharmaceutical company’s stock. Truist Financial’s target price would indicate a potential upside of 20.44% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Guggenheim cut shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price objective on the stock. in a report on Tuesday. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Friday, January 10th. UBS Group assumed coverage on shares of Incyte in a research note on Tuesday, December 17th. They set a “neutral” rating and a $77.00 target price on the stock. Stifel Nicolaus raised their target price on shares of Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research note on Monday, February 10th. Finally, StockNews.com cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $75.13.

Incyte Stock Performance

Shares of INCY stock traded down $2.23 during trading hours on Tuesday, reaching $59.78. The stock had a trading volume of 698,726 shares, compared to its average volume of 1,657,683. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. Incyte has a twelve month low of $50.35 and a twelve month high of $83.95. The firm has a 50-day simple moving average of $71.55 and a 200-day simple moving average of $70.31. The firm has a market capitalization of $11.57 billion, a PE ratio of 221.42, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. As a group, equities analysts forecast that Incyte will post 4.86 earnings per share for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the transaction, the executive vice president now directly owns 66,967 shares in the company, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the transaction, the executive vice president now owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. The trade was a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,020 shares of company stock worth $1,981,882 over the last ninety days. 17.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in shares of Incyte by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company’s stock worth $278,346,000 after purchasing an additional 103,910 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Incyte by 29.7% in the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company’s stock worth $241,519,000 after purchasing an additional 801,090 shares in the last quarter. LSV Asset Management lifted its position in shares of Incyte by 18.6% in the fourth quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company’s stock worth $239,500,000 after purchasing an additional 544,080 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Incyte in the third quarter worth approximately $156,611,000. Finally, Bellevue Group AG lifted its position in shares of Incyte by 0.3% in the fourth quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company’s stock worth $149,017,000 after purchasing an additional 6,927 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.