Incyte (NASDAQ:INCY) Price Target Cut to $52.00

Incyte (NASDAQ:INCY) had its price target cut by BMO Capital Markets from $56.00 to $52.00 in a report published on Wednesday, Benzinga reports. They currently have a market perform rating on the biopharmaceutical company’s stock.

INCY has been the topic of a number of other research reports. Cantor Fitzgerald began coverage on Incyte in a research report on Tuesday, April 23rd. They issued a neutral rating on the stock. Stifel Nicolaus upped their price target on Incyte from $67.00 to $68.00 and gave the company a hold rating in a research report on Wednesday, February 14th. Truist Financial reduced their price target on Incyte from $91.00 to $84.00 and set a buy rating on the stock in a research report on Wednesday, February 14th. Oppenheimer reduced their price target on Incyte from $92.00 to $84.00 and set an outperform rating on the stock in a research report on Wednesday, April 24th. Finally, JMP Securities lowered Incyte from an outperform rating to a market perform rating in a research report on Wednesday, February 14th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $74.93.

Incyte Price Performance

Incyte stock opened at $53.76 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.47. Incyte has a 52 week low of $50.27 and a 52 week high of $67.72. The stock has a market capitalization of $12.07 billion, a P/E ratio of 16.29, a price-to-earnings-growth ratio of 1.24 and a beta of 0.69. The stock has a fifty day moving average of $56.23 and a 200-day moving average of $57.58.

Incyte (NASDAQ:INCY) last issued its 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). Incyte had a return on equity of 12.83% and a net margin of 19.78%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period in the previous year, the company earned $0.44 EPS. Incyte’s revenue for the quarter was up 9.3% on a year-over-year basis. On average, sell-side analysts expect that Incyte will post 3.81 earnings per share for the current fiscal year.

Institutional Trading of Incyte

Institutional investors and hedge funds have recently modified their holdings of the stock. ARK Investment Management LLC raised its stake in shares of Incyte by 7.7% in the fourth quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company’s stock worth $33,381,000 after purchasing an additional 37,932 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Incyte by 29.3% in the fourth quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company’s stock worth $60,465,000 after purchasing an additional 217,979 shares during the last quarter. Royal Bank of Canada grew its stake in Incyte by 85.3% in the 3rd quarter. Royal Bank of Canada now owns 987,052 shares of the biopharmaceutical company’s stock valued at $57,021,000 after purchasing an additional 454,416 shares during the period. RFG Advisory LLC purchased a new stake in shares of Incyte during the 4th quarter valued at $206,000. Finally, Raymond James & Associates purchased a new stake in shares of Incyte during the 4th quarter valued at $2,291,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.