Incyte (NASDAQ:INCY) Stock Rating Reaffirmed by Truist Financial

Truist Financial reissued their buy rating on shares of Incyte (NASDAQ:INCY) in a report published on Wednesday, Benzinga reports. The firm currently has a $83.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $84.00.

A number of other equities analysts also recently commented on INCY. William Blair restated an outperform rating on shares of Incyte in a research report on Tuesday, February 6th. Cantor Fitzgerald initiated coverage on shares of Incyte in a report on Tuesday, April 23rd. They issued a neutral rating for the company. Jefferies Financial Group initiated coverage on shares of Incyte in a report on Friday, February 23rd. They issued a buy rating and a $81.00 price target for the company. Stifel Nicolaus increased their price target on shares of Incyte from $67.00 to $68.00 and gave the company a hold rating in a report on Wednesday, February 14th. Finally, Oppenheimer cut their price target on shares of Incyte from $92.00 to $84.00 and set an outperform rating for the company in a report on Wednesday, April 24th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Incyte currently has a consensus rating of Moderate Buy and an average target price of $74.93.

Incyte Stock Up 1.3 %

Shares of Incyte stock opened at $53.76 on Wednesday. The company has a market cap of $12.07 billion, a P/E ratio of 16.29, a PEG ratio of 1.24 and a beta of 0.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.47. Incyte has a one year low of $50.27 and a one year high of $67.72. The firm has a fifty day moving average of $56.23 and a two-hundred day moving average of $57.58.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Incyte had a return on equity of 12.83% and a net margin of 19.78%. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS. On average, analysts forecast that Incyte will post 3.81 earnings per share for the current year.

Institutional Investors Weigh In On Incyte

Several institutional investors have recently bought and sold shares of INCY. Vanguard Group Inc. lifted its position in shares of Incyte by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 22,519,381 shares of the biopharmaceutical company’s stock worth $1,413,992,000 after purchasing an additional 359,962 shares in the last quarter. Invesco Ltd. lifted its position in shares of Incyte by 3.2% during the third quarter. Invesco Ltd. now owns 3,922,045 shares of the biopharmaceutical company’s stock worth $226,577,000 after purchasing an additional 120,838 shares in the last quarter. LSV Asset Management lifted its position in shares of Incyte by 119.6% during the fourth quarter. LSV Asset Management now owns 2,691,827 shares of the biopharmaceutical company’s stock worth $169,020,000 after purchasing an additional 1,465,792 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Incyte by 56.6% during the third quarter. Acadian Asset Management LLC now owns 2,684,621 shares of the biopharmaceutical company’s stock worth $155,053,000 after purchasing an additional 970,668 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Incyte by 5.9% during the third quarter. Northern Trust Corp now owns 2,127,688 shares of the biopharmaceutical company’s stock worth $122,917,000 after purchasing an additional 119,389 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.