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

Incyte (NASDAQ:INCY) had its price target reduced by investment analysts at Truist Financial from $74.00 to $72.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the biopharmaceutical company’s stock. Truist Financial’s price objective points to a potential upside of 20.44% from the company’s current price.

A number of other research firms have also commented on INCY. Citigroup dropped their price target on shares of Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. William Blair lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Royal Bank of Canada dropped their price target on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 11th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $75.13.

Incyte Stock Down 3.6 %

INCY traded down $2.23 during midday trading on Tuesday, hitting $59.78. 698,726 shares of the company’s stock traded hands, compared to its average volume of 1,657,683. The company has a market cap 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. The stock’s fifty day simple moving average is $71.55 and its 200-day simple moving average is $70.31. 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 one year low of $50.35 and a one year high of $83.95.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Incyte

Institutional investors have recently modified their holdings of the stock. Quintet Private Bank Europe S.A. acquired a new position in shares of Incyte during the 4th quarter worth about $26,000. Global X Japan Co. Ltd. grew its position in shares of Incyte by 144.7% during the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 230 shares during the period. R Squared Ltd acquired a new position in shares of Incyte during the 4th quarter worth about $30,000. Brooklyn Investment Group acquired a new position in shares of Incyte during the 3rd quarter worth about $30,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Incyte during the 3rd quarter worth about $33,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.