Truist Financial Raises Incyte (NASDAQ:INCY) Price Target to $105.00

Incyte (NASDAQ:INCY) had its target price upped by equities research analysts at Truist Financial from $103.00 to $105.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “hold” rating on the biopharmaceutical company’s stock. Truist Financial’s price target points to a potential upside of 1.67% from the stock’s current price.

A number of other equities analysts have also commented on the stock. TD Cowen reaffirmed a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Citigroup restated a “market perform” rating on shares of Incyte in a research report on Tuesday, June 2nd. Barclays reiterated an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 1st. Finally, HC Wainwright raised their price objective on Incyte from $135.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Eight investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average price target of $106.90.

Incyte Stock Performance

INCY traded up $5.05 on Monday, reaching $103.27. The company had a trading volume of 769,519 shares, compared to its average volume of 1,744,068. Incyte has a fifty-two week low of $66.74 and a fifty-two week high of $112.29. The stock has a market cap of $20.63 billion, a P/E ratio of 14.58, a P/E/G ratio of 0.95 and a beta of 0.79. The company’s fifty day moving average is $98.19 and its 200 day moving average is $98.94. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business’s revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.16 earnings per share. As a group, analysts predict that Incyte will post 6.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the sale, the insider owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Incyte

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Elyxium Wealth LLC acquired a new stake in Incyte in the fourth quarter valued at $28,000. Smithfield Trust Co grew its position in shares of Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 162 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in shares of Incyte in the second quarter valued at about $32,000. CYBER HORNET ETFs LLC bought a new position in shares of Incyte during the second quarter worth about $33,000. Finally, Leonteq Securities AG bought a new stake in Incyte in the fourth quarter valued at approximately $35,000. 96.97% of the stock is owned by institutional investors.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.