Incyte (NASDAQ:INCY) Price Target Lowered to $84.00 at Oppenheimer

Incyte (NASDAQ:INCY) had its target price dropped by analysts at Oppenheimer from $92.00 to $84.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s price target indicates a potential upside of 62.63% from the stock’s current price.

A number of other research analysts have also recently issued reports on INCY. Truist Financial decreased their price target on shares of Incyte from $91.00 to $84.00 and set a “buy” rating for the company in a report on Wednesday, February 14th. Stifel Nicolaus increased their price objective on shares of Incyte from $67.00 to $68.00 and gave the stock a “hold” rating in a research note on Wednesday, February 14th. JMP Securities lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 14th. Jefferies Financial Group began coverage on shares of Incyte in a research note on Friday, February 23rd. They issued a “buy” rating and a $81.00 price objective on the stock. Finally, Bank of America cut their price objective on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. 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 data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $75.50.

Incyte Trading Down 0.5 %

NASDAQ:INCY opened at $51.65 on Wednesday. The firm has a 50 day moving average of $57.18 and a 200 day moving average of $57.82. The stock has a market capitalization of $11.60 billion, a price-to-earnings ratio of 19.49, a PEG ratio of 1.20 and a beta of 0.65. 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.

Incyte (NASDAQ:INCY) last posted 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 company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Incyte had a return on equity of 12.56% and a net margin of 16.17%. The company’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 EPS. As a group, sell-side analysts anticipate that Incyte will post 3.85 earnings per share for the current fiscal year.

Institutional Trading of Incyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Incyte by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 22,519,381 shares of the biopharmaceutical company’s stock valued at $1,413,992,000 after buying an additional 359,962 shares during the period. Invesco Ltd. lifted its holdings in Incyte by 3.2% during the third quarter. Invesco Ltd. now owns 3,922,045 shares of the biopharmaceutical company’s stock valued at $226,577,000 after purchasing an additional 120,838 shares in the last quarter. LSV Asset Management lifted its holdings in Incyte by 119.6% during the fourth quarter. LSV Asset Management now owns 2,691,827 shares of the biopharmaceutical company’s stock valued at $169,020,000 after purchasing an additional 1,465,792 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in Incyte by 56.6% during the third quarter. Acadian Asset Management LLC now owns 2,684,621 shares of the biopharmaceutical company’s stock valued at $155,053,000 after purchasing an additional 970,668 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Incyte by 5.9% during the third quarter. Northern Trust Corp now owns 2,127,688 shares of the biopharmaceutical company’s stock valued at $122,917,000 after purchasing an additional 119,389 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.