Truist Financial Cuts Incyte (NASDAQ:INCY) Price Target to $72.00

Incyte (NASDAQ:INCY) had its target price reduced by Truist Financial from $74.00 to $72.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a hold rating on the biopharmaceutical company’s stock.

INCY has been the subject of a number of other reports. Stifel Nicolaus lifted their price target on shares of Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research report on Monday, February 10th. JMP Securities reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, February 11th. UBS Group started coverage on shares of Incyte in a research report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price target for the company. Wells Fargo & Company lifted their target price on shares of Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. Finally, Citigroup decreased their target price on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $75.13.

Incyte Trading Up 0.4 %

Shares of INCY opened at $60.58 on Tuesday. The firm’s 50-day moving average price is $70.78 and its 200-day moving average price is $70.13. The firm has a market capitalization of $11.72 billion, a price-to-earnings ratio of 224.38, a PEG ratio of 0.41 and a beta of 0.76. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. Incyte has a 1-year low of $50.35 and a 1-year high of $83.95.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. Sell-side analysts anticipate that Incyte will post 4.86 EPS for the current year.

Insider Activity

In other news, EVP Sheila A. Denton sold 14,069 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the transaction, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at $1,914,561.36. The trade was a 35.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Steven H. Stein sold 12,352 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the transaction, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at $4,867,831.23. The trade was a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,827 shares of company stock valued at $3,322,618 over the last three months. Insiders own 17.60% of the company’s stock.

Institutional Trading of Incyte

Several large investors have recently added to or reduced their stakes in INCY. Point72 Asset Management L.P. bought a new stake in Incyte during the third quarter valued at approximately $156,611,000. Norges Bank bought a new stake in Incyte during the fourth quarter valued at approximately $121,890,000. AQR Capital Management LLC grew its position in Incyte by 29.7% during the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company’s stock valued at $241,519,000 after buying an additional 801,090 shares during the period. Jacobs Levy Equity Management Inc. grew its position in Incyte by 861.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company’s stock valued at $61,587,000 after buying an additional 798,877 shares during the period. Finally, Sound Shore Management Inc. CT grew its position in Incyte by 98.4% during the fourth quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company’s stock valued at $82,959,000 after buying an additional 595,741 shares during the period. 96.97% of the stock is currently owned by 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.