Incyte (NASDAQ:INCY) Stock Price Target Cut by Leerink Partners

Incyte (NASDAQ:INCY) had its target price reduced by research analysts at Leerink Partners from $154.00 to $150.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Leerink Partners‘s price target indicates a potential upside of 27.11% from the company’s current price.

A number of other equities analysts have also commented on the stock. TD Cowen increased their price target on shares of Incyte from $138.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, October 21st. UBS Group set a $152.00 price objective on shares of Incyte in a report on Friday, October 30th. Stifel Nicolaus upped their target price on shares of Incyte from $145.00 to $157.00 and gave the stock a “buy” rating in a research report on Monday, October 5th. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Friday, September 11th. Finally, HC Wainwright restated a “buy” rating on shares of Incyte in a research report on Tuesday, October 27th. Twelve equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Incyte currently has an average rating of “Hold” and an average target price of $132.86.

Incyte Trading Down 3.9%

Shares of INCY traded down $4.84 during trading hours on Thursday, reaching $118.01. 1,599,684 shares of the company’s stock traded hands, compared to its average volume of 1,739,443. Incyte has a 12 month low of $89.25 and a 12 month high of $132.60. The stock has a market cap of $24.05 billion, a PE ratio of 62.77, a price-to-earnings-growth ratio of 4.28 and a beta of 0.78. The firm’s 50 day simple moving average is $119.99 and its 200-day simple moving average is $108.37.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share for the quarter, topping the consensus estimate of ($3.93) by $0.33. The company had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Incyte had a net margin of 6.71% and a return on equity of 7.92%. Incyte’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.26 earnings per share. As a group, analysts expect that Incyte will post 2.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, insider Pablo Cagnoni sold 2,642 shares of the business’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $112.71, for a total value of $297,779.82. Following the completion of the sale, the insider directly owned 183,200 shares in the company, valued at approximately $20,648,472. The trade was a 1.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Hedge Funds Weigh In On Incyte

Institutional investors and hedge funds have recently made changes to their positions in the business. Trails Edge Capital Partners LP bought a new stake in Incyte in the second quarter worth $17,570,800. Twin Capital Management Inc. bought a new position in shares of Incyte during the first quarter valued at about $875,000. Tidal Investments LLC grew its stake in shares of Incyte by 33.4% during the second quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company’s stock valued at $11,657,000 after buying an additional 25,768 shares during the last quarter. BlackRock Inc. bought a new position in shares of Incyte during the second quarter valued at about $2,044,189,000. Finally, Mediolanum International Funds Ltd increased its holdings in shares of Incyte by 25.4% in the first 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 period. Institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.