Incyte (NASDAQ:INCY) Price Target Cut to $81.00 by Analysts at Oppenheimer

Incyte (NASDAQ:INCY) had its target price trimmed by Oppenheimer from $84.00 to $81.00 in a research report released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.

Several other analysts have also weighed in on INCY. Cantor Fitzgerald reissued a neutral rating on shares of Incyte in a report on Tuesday, June 18th. Truist Financial reissued a buy rating and issued a $83.00 target price (down previously from $84.00) on shares of Incyte in a report on Wednesday, May 1st. StockNews.com lowered Incyte from a strong-buy rating to a buy rating in a report on Thursday, May 2nd. TD Cowen lowered their target price on Incyte from $88.00 to $80.00 and set a buy rating on the stock in a report on Wednesday, May 1st. Finally, Deutsche Bank Aktiengesellschaft began coverage on Incyte in a research report on Thursday, May 23rd. They issued a hold rating and a $55.00 price objective on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Incyte currently has a consensus rating of Hold and an average target price of $73.25.

Incyte Trading Up 0.1 %

Shares of INCY stock opened at $68.61 on Friday. The business’s fifty day moving average price is $61.03 and its 200 day moving average price is $58.72. Incyte has a 1-year low of $50.27 and a 1-year high of $70.36. The firm has a market capitalization of $15.41 billion, a PE ratio of 20.79, a P/E/G ratio of 1.44 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.47 and a quick ratio of 3.43.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.31). The firm had revenue of $880.89 million during the quarter, compared to analyst estimates of $935.85 million. Incyte had a net margin of 19.78% and a return on equity of 12.83%. As a group, sell-side analysts forecast that Incyte will post 3.66 EPS for the current fiscal year.

Insider Transactions at Incyte

In other news, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the transaction, the insider now directly owns 21,634 shares in the company, valued at approximately $1,274,458.94. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Thomas Tray sold 1,093 shares of the stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the sale, the insider now owns 21,634 shares in the company, valued at $1,274,458.94. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Barry P. Flannelly sold 1,306 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total value of $83,832.14. Following the completion of the sale, the executive vice president now owns 58,042 shares of the company’s stock, valued at approximately $3,725,715.98. The disclosure for this sale can be found here. Insiders have sold a total of 29,711 shares of company stock worth $1,786,941 in the last three months. 17.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Incyte

A number of large investors have recently modified their holdings of the stock. Cape Investment Advisory Inc. acquired a new stake in Incyte during the 4th quarter valued at approximately $25,000. MFA Wealth Advisors LLC acquired a new stake in Incyte during the 2nd quarter valued at approximately $26,000. Larson Financial Group LLC grew its stake in Incyte by 4,220.0% during the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 422 shares in the last quarter. Redmont Wealth Advisors LLC acquired a new stake in Incyte during the 1st quarter valued at approximately $28,000. Finally, Riverview Trust Co acquired a new stake in Incyte during the 1st quarter valued at approximately $29,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Company Profile

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.