Incyte (NASDAQ:INCY) PT Lowered to $84.00

Incyte (NASDAQ:INCY) had its price objective reduced by investment analysts at Oppenheimer from $92.00 to $84.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s price target suggests a potential upside of 64.13% from the company’s current price.

A number of other equities analysts also recently weighed in on INCY. BMO Capital Markets lifted their target price on shares of Incyte from $58.00 to $64.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 14th. Jefferies Financial Group assumed coverage on shares of Incyte in a research note on Friday, February 23rd. They set a “buy” rating and a $81.00 target price for the company. Citigroup reduced their price target on shares of Incyte from $82.00 to $81.00 and set a “buy” rating for the company in a report on Wednesday, February 14th. Royal Bank of Canada restated a “sector perform” rating and issued a $65.00 price target on shares of Incyte in a report on Monday, March 25th. Finally, JMP Securities cut shares of Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 14th. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.50.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $51.18 on Wednesday. The company has a market cap of $11.49 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 1.20 and a beta of 0.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.55 and a quick ratio of 3.36. The firm has a 50 day simple moving average of $56.90 and a 200 day simple moving average of $57.73. Incyte has a one year low of $50.27 and a one year high of $75.74.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a net margin of 16.17% and a return on equity of 12.56%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate 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. Research analysts predict that Incyte will post 3.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. purchased a new position in Incyte during the fourth quarter worth about $25,000. Larson Financial Group LLC boosted its holdings in Incyte by 4,220.0% during the fourth quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 422 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in Incyte during the fourth quarter worth about $31,000. Redmont Wealth Advisors LLC purchased a new position in Incyte during the first quarter worth about $28,000. Finally, Riverview Trust Co purchased a new position in Incyte during the first quarter worth about $29,000. 96.97% of the stock is currently 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.