Incyte’s (INCY) “Buy” Rating Reiterated at Truist Financial

Truist Financial reiterated their buy rating on shares of Incyte (NASDAQ:INCY) in a research report sent to investors on Wednesday, Benzinga reports. Truist Financial currently has a $83.00 price target on the biopharmaceutical company’s stock, down from their prior price target of $84.00.

A number of other research firms have also recently issued reports on INCY. Royal Bank of Canada reaffirmed a sector perform rating and issued a $65.00 price target on shares of Incyte in a report on Monday, March 25th. Bank of America decreased their price target on shares of Incyte from $69.00 to $67.00 and set a neutral rating for the company in a report on Wednesday, March 13th. Oppenheimer decreased 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. Stifel Nicolaus raised their target price on shares of Incyte from $67.00 to $68.00 and gave the stock a hold rating in a report on Wednesday, February 14th. Finally, BMO Capital Markets reduced their target price on shares of Incyte from $56.00 to $52.00 and set a market perform rating for the company in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Incyte has an average rating of Moderate Buy and a consensus price target of $74.93.

Incyte Price Performance

Shares of INCY opened at $53.76 on Wednesday. The company has a 50 day moving average of $56.23 and a two-hundred day moving average of $57.58. The company has a market cap of $12.07 billion, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 1.24 and a beta of 0.69. Incyte has a twelve month low of $50.27 and a twelve month high of $67.72. The company has a quick ratio of 3.36, a current ratio of 3.47 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results 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). The company had revenue of $1.01 billion during 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 company’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 EPS. As a group, analysts predict that Incyte will post 3.81 earnings per share for the current fiscal year.

Institutional Trading of Incyte

Several institutional investors have recently modified their holdings of INCY. Norges Bank acquired a new stake in shares of Incyte in the fourth quarter valued at about $123,253,000. LSV Asset Management grew its position in shares of Incyte by 119.6% in the fourth quarter. LSV Asset Management now owns 2,691,827 shares of the biopharmaceutical company’s stock valued at $169,020,000 after purchasing an additional 1,465,792 shares during the period. Pacer Advisors Inc. grew its position in shares of Incyte by 2,858.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,025,784 shares of the biopharmaceutical company’s stock valued at $64,409,000 after purchasing an additional 991,110 shares during the period. Los Angeles Capital Management LLC boosted its position in Incyte by 585.8% during the third quarter. Los Angeles Capital Management LLC now owns 1,145,362 shares of the biopharmaceutical company’s stock worth $66,168,000 after acquiring an additional 978,342 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in 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 acquiring an additional 970,668 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.