Incyte (NASDAQ:INCY) Price Target Cut to $84.00

Incyte (NASDAQ:INCY) had its price target cut by investment analysts at Oppenheimer from $92.00 to $84.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s target price points to a potential upside of 64.13% from the company’s previous close.

Other research analysts have also issued reports about the stock. Jefferies Financial Group assumed coverage on shares of Incyte in a report on Friday, February 23rd. They issued a “buy” rating and a $81.00 price objective for the company. Stifel Nicolaus upped their price objective on shares of Incyte from $67.00 to $68.00 and gave the stock a “hold” rating in a report on Wednesday, February 14th. Cantor Fitzgerald assumed coverage on shares of Incyte in a report on Tuesday. They issued a “neutral” rating for the company. JMP Securities lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 14th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $65.00 price objective on shares of Incyte in a report on Monday, March 25th. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Incyte has an average rating of “Moderate Buy” and an average price target of $75.50.

Incyte Trading Down 1.1 %

NASDAQ:INCY opened at $51.18 on Wednesday. The company has a fifty day moving average of $56.90 and a 200 day moving average of $57.73. Incyte has a 52 week low of $50.27 and a 52 week high of $75.74. The company has a quick ratio of 3.36, a current ratio of 3.55 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $11.49 billion, a P/E ratio of 19.31, a P/E/G ratio of 1.20 and a beta of 0.65.

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

Hedge Funds Weigh In On Incyte

Several institutional investors have recently made changes to their positions in INCY. CWM LLC lifted its stake in shares of Incyte by 85.2% in the 3rd quarter. CWM LLC now owns 5,129 shares of the biopharmaceutical company’s stock worth $296,000 after purchasing an additional 2,360 shares during the period. State of Alaska Department of Revenue raised its stake in Incyte by 13.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 64,309 shares of the biopharmaceutical company’s stock worth $3,714,000 after acquiring an additional 7,695 shares during the period. Czech National Bank raised its stake in Incyte by 48.3% during the 3rd quarter. Czech National Bank now owns 32,507 shares of the biopharmaceutical company’s stock worth $1,878,000 after acquiring an additional 10,588 shares during the period. Grimes & Company Inc. raised its stake in Incyte by 1.4% during the 3rd quarter. Grimes & Company Inc. now owns 189,478 shares of the biopharmaceutical company’s stock worth $10,946,000 after acquiring an additional 2,562 shares during the period. Finally, Commonwealth Equity Services LLC raised its stake in Incyte by 12.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 20,009 shares of the biopharmaceutical company’s stock worth $1,156,000 after acquiring an additional 2,197 shares during the period. Institutional investors own 96.97% of the company’s stock.

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.