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

Incyte (NASDAQ:INCY) had its price objective trimmed by Truist Financial from $74.00 to $72.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has a hold rating on the biopharmaceutical company’s stock.

Other equities analysts have also recently issued reports about the stock. Citigroup cut their target price on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a report on Friday, January 10th. Royal Bank of Canada reduced their target price on Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 11th. JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a report on Tuesday, February 11th. Finally, Guggenheim cut Incyte from a “buy” rating to a “neutral” rating and set a $92.00 target price on the stock. in a report on Tuesday. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $75.13.

Incyte Stock Performance

INCY opened at $60.58 on Tuesday. The firm has a market cap of $11.72 billion, a P/E ratio of 224.38, a PEG ratio of 0.41 and a beta of 0.76. Incyte has a 1-year low of $50.35 and a 1-year high of $83.95. The company has a 50 day simple moving average of $70.78 and a two-hundred day simple moving average of $70.13. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94.

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

Insider Activity

In other news, EVP Barry P. Flannelly sold 19,807 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the transaction, the executive vice president now owns 33,567 shares of the company’s stock, valued at approximately $2,272,150.23. This represents a 37.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Sheila A. Denton sold 14,069 shares of the company’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 value of $1,042,090.83. Following the transaction, the executive vice president now directly owns 25,848 shares in the company, valued at approximately $1,914,561.36. This represents a 35.25 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,827 shares of company stock valued at $3,322,618. 17.60% of the stock is currently owned by insiders.

Institutional Trading of Incyte

Large investors have recently modified their holdings of the company. Quintet Private Bank Europe S.A. purchased a new stake in shares of Incyte in the fourth quarter valued at approximately $26,000. Global X Japan Co. Ltd. boosted its holdings in shares of Incyte by 144.7% in the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 230 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Incyte in the third quarter valued at approximately $30,000. R Squared Ltd purchased a new stake in shares of Incyte in the fourth quarter valued at approximately $30,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Incyte in the third quarter valued at approximately $33,000. Hedge funds and other institutional investors 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.