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

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

Other analysts also recently issued research reports about the stock. Bank of America decreased their target price on shares of Incyte from $69.00 to $67.00 and set a neutral rating for the company in a research report on Wednesday, March 13th. Truist Financial reissued a buy rating and set a $83.00 target price (down previously from $84.00) on shares of Incyte in a research report on Wednesday. Royal Bank of Canada reissued a sector perform rating and set a $65.00 target price on shares of Incyte in a research report on Monday, March 25th. BMO Capital Markets reduced their price objective on shares of Incyte from $56.00 to $52.00 and set a market perform rating for the company in a research report on Wednesday. Finally, Jefferies Financial Group started coverage on shares of Incyte in a research report on Friday, February 23rd. They set a buy rating and a $81.00 price objective for the company. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average 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 50 day simple moving average of $56.39 and a 200 day simple moving average of $57.61. The firm has a market cap of $11.89 billion, a PE ratio of 16.04, a price-to-earnings-growth ratio of 1.22 and a beta of 0.69. Incyte has a 1 year low of $50.27 and a 1 year high of $72.16. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.35 and a quick ratio of 3.36.

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 analysts’ consensus estimates of $1.15 by ($0.09). The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Incyte had a net margin of 19.78% and a return on equity of 12.83%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.44 EPS. On average, research analysts forecast that Incyte will post 3.81 EPS for the current year.

Hedge Funds Weigh In On Incyte

Several large investors have recently bought and sold shares of the stock. Fisher Asset Management LLC lifted its stake in Incyte by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 44,169 shares of the biopharmaceutical company’s stock valued at $2,773,000 after acquiring an additional 187 shares in the last quarter. 180 Wealth Advisors LLC lifted its stake in Incyte by 4.5% during the 1st quarter. 180 Wealth Advisors LLC now owns 4,764 shares of the biopharmaceutical company’s stock valued at $271,000 after acquiring an additional 204 shares in the last quarter. Berger Financial Group Inc lifted its stake in Incyte by 0.4% during the 4th quarter. Berger Financial Group Inc now owns 60,468 shares of the biopharmaceutical company’s stock valued at $3,797,000 after acquiring an additional 212 shares in the last quarter. Allworth Financial LP lifted its stake in Incyte by 40.0% during the 4th quarter. Allworth Financial LP now owns 802 shares of the biopharmaceutical company’s stock valued at $50,000 after acquiring an additional 229 shares in the last quarter. Finally, Grandfield & Dodd LLC lifted its stake in Incyte by 1.8% during the 4th quarter. Grandfield & Dodd LLC now owns 18,390 shares of the biopharmaceutical company’s stock valued at $1,155,000 after acquiring an additional 319 shares in the last quarter. 96.97% of the stock is currently owned by 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.