Incyte (NASDAQ:INCY) Given Buy Rating at Truist Financial

Truist Financial reissued their buy rating on shares of Incyte (NASDAQ:INCY) in a research report released on Wednesday morning, Benzinga reports. They currently have a $83.00 price objective on the biopharmaceutical company’s stock, down from their prior price objective of $84.00.

A number of other research analysts have also recently issued reports on INCY. Oppenheimer lowered their price target on shares of Incyte from $92.00 to $84.00 and set an outperform rating for the company in a research report on Wednesday, April 24th. Bank of America reduced their price objective on Incyte from $69.00 to $67.00 and set a neutral rating for the company in a research report on Wednesday, March 13th. Jefferies Financial Group assumed coverage on Incyte in a research note on Friday, February 23rd. They issued a buy rating and a $81.00 target price on the stock. JMP Securities lowered Incyte from an outperform rating to a market perform rating in a research report on Wednesday, February 14th. Finally, BMO Capital Markets cut their price objective on shares of Incyte from $56.00 to $52.00 and set a market perform rating on the stock in a research report on Wednesday. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $74.93.

Incyte Stock Up 1.7 %

Shares of NASDAQ:INCY opened at $52.94 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.35. Incyte has a 52-week low of $50.27 and a 52-week high of $72.16. The firm has a market capitalization of $11.89 billion, a P/E ratio of 16.04, a P/E/G ratio of 1.22 and a beta of 0.69. The stock has a 50 day moving average price of $56.39 and a 200-day moving average price of $57.61.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data 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 the consensus estimate of $1 billion. During the same quarter last year, the company posted $0.44 EPS. Incyte’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Incyte will post 3.81 EPS for the current fiscal year.

Institutional Investors Weigh In On Incyte

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cape Investment Advisory Inc. bought a new stake in Incyte during the fourth quarter valued at approximately $25,000. Larson Financial Group LLC boosted its stake in shares of Incyte by 4,220.0% during the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 422 shares during the last quarter. Redmont Wealth Advisors LLC bought a new stake in shares of Incyte during the 1st quarter valued at $28,000. Riverview Trust Co bought a new stake in shares of Incyte during the 1st quarter valued at $29,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Incyte in the 4th quarter worth $31,000. Hedge funds and other 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.