Incyte (NASDAQ:INCY) Earns Neutral Rating from Analysts at Cantor Fitzgerald

Equities researchers at Cantor Fitzgerald initiated coverage on shares of Incyte (NASDAQ:INCY) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm set a “neutral” rating on the biopharmaceutical company’s stock.

A number of other brokerages also recently issued reports on INCY. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $65.00 price target on shares of Incyte in a report on Monday, March 25th. William Blair reissued an “outperform” rating on shares of Incyte in a report on Tuesday, February 6th. JMP Securities downgraded Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 14th. Citigroup decreased their price objective on Incyte from $82.00 to $81.00 and set a “buy” rating for the company in a report on Wednesday, February 14th. Finally, Jefferies Financial Group began coverage on Incyte in a report on Friday, February 23rd. They issued a “buy” rating and a $81.00 price objective for the company. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Incyte presently has an average rating of “Moderate Buy” and an average price target of $75.50.

Incyte Stock Performance

Shares of Incyte stock opened at $51.74 on Tuesday. The business has a 50-day simple moving average of $57.06 and a 200-day simple moving average of $57.78. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.55. The company has a market cap of $11.62 billion, a PE ratio of 19.52, a P/E/G ratio of 1.20 and a beta of 0.65. Incyte has a one year low of $50.27 and a one year high of $75.74.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Incyte had a net margin of 16.17% and a return on equity of 12.56%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period last year, the company earned $0.44 earnings per share. On average, equities research analysts forecast that Incyte will post 3.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Incyte

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Incyte in the fourth quarter valued at $123,253,000. LSV Asset Management increased its position in shares of Incyte by 119.6% in the fourth quarter. LSV Asset Management now owns 2,691,827 shares of the biopharmaceutical company’s stock valued at $169,020,000 after buying an additional 1,465,792 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Incyte by 2,858.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,025,784 shares of the biopharmaceutical company’s stock valued at $64,409,000 after buying an additional 991,110 shares in the last quarter. Los Angeles Capital Management LLC increased its position in Incyte by 585.8% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,145,362 shares of the biopharmaceutical company’s stock worth $66,168,000 after purchasing an additional 978,342 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in Incyte by 56.6% during the 3rd quarter. Acadian Asset Management LLC now owns 2,684,621 shares of the biopharmaceutical company’s stock worth $155,053,000 after purchasing an additional 970,668 shares in the last quarter. 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.