TD Cowen Cuts Incyte (NASDAQ:INCY) Price Target to $80.00

Incyte (NASDAQ:INCY) had its price objective reduced by TD Cowen from $88.00 to $80.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

A number of other equities analysts have also recently issued reports on INCY. Truist Financial restated a buy rating and set a $83.00 price objective (down previously from $84.00) on shares of Incyte in a report on Wednesday. Stifel Nicolaus boosted their price objective on Incyte from $67.00 to $68.00 and gave the company a hold rating in a report on Wednesday, February 14th. William Blair restated an outperform rating on shares of Incyte in a report on Tuesday, February 6th. BMO Capital Markets lowered their target price on Incyte from $56.00 to $52.00 and set a market perform rating for the company in a report on Wednesday. Finally, Oppenheimer lowered their target price on Incyte from $92.00 to $84.00 and set an outperform rating for the company in a report on Wednesday, April 24th. Nine analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $74.93.

Incyte Stock Performance

NASDAQ:INCY opened at $52.94 on Wednesday. The company has a market cap of $11.89 billion, a price-to-earnings ratio of 16.04, a PEG ratio of 1.22 and a beta of 0.69. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.35 and a quick ratio of 3.36. The stock’s 50 day simple moving average is $56.39 and its two-hundred day simple moving average is $57.61. Incyte has a 1 year low of $50.27 and a 1 year high of $72.16.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a net margin of 19.78% and a return on equity of 12.83%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the firm posted $0.44 EPS. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, equities analysts anticipate that Incyte will post 3.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Incyte

Hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC increased its position in Incyte by 12.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 20,009 shares of the biopharmaceutical company’s stock valued at $1,156,000 after buying an additional 2,197 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in Incyte by 5.8% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 106,964 shares of the biopharmaceutical company’s stock valued at $6,179,000 after buying an additional 5,900 shares in the last quarter. Xponance Inc. increased its position in Incyte by 1.7% during the 3rd quarter. Xponance Inc. now owns 39,576 shares of the biopharmaceutical company’s stock valued at $2,286,000 after buying an additional 667 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Incyte by 100.4% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 25,097 shares of the biopharmaceutical company’s stock valued at $1,450,000 after buying an additional 12,576 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Incyte by 95.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 250,077 shares of the biopharmaceutical company’s stock valued at $14,447,000 after buying an additional 122,045 shares in the last quarter. 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.