Oppenheimer Trims Incyte (NASDAQ:INCY) Target Price to $84.00

Incyte (NASDAQ:INCY) had its price target cut by Oppenheimer from $92.00 to $84.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also commented on the company. Cantor Fitzgerald assumed coverage on Incyte in a research report on Tuesday. They set a neutral rating on the stock. Truist Financial reduced their price target on shares of Incyte from $91.00 to $84.00 and set a buy rating for the company in a report on Wednesday, February 14th. Citigroup cut their price objective on shares of Incyte from $82.00 to $81.00 and set a buy rating on the stock in a research report on Wednesday, February 14th. Jefferies Financial Group assumed coverage on Incyte in a report on Friday, February 23rd. They issued a buy rating and a $81.00 price target on the stock. Finally, JMP Securities downgraded Incyte from an outperform rating to a market perform rating in a report on Wednesday, February 14th. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $75.50.

Incyte Stock Up 1.0 %

Shares of NASDAQ INCY opened at $51.68 on Wednesday. Incyte has a 52-week low of $50.27 and a 52-week high of $75.74. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.55. The stock has a market cap of $11.60 billion, a P/E ratio of 19.50, a P/E/G ratio of 1.18 and a beta of 0.65. The firm has a 50 day moving average price of $56.78 and a 200 day moving average price of $57.70.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.09). The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Incyte had a net margin of 16.17% and a return on equity of 12.56%. Incyte’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period last year, the firm earned $0.44 EPS. Analysts expect that Incyte will post 3.84 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Incyte by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 22,519,381 shares of the biopharmaceutical company’s stock valued at $1,413,992,000 after purchasing an additional 359,962 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Incyte by 3.2% during the third quarter. Invesco Ltd. now owns 3,922,045 shares of the biopharmaceutical company’s stock worth $226,577,000 after purchasing an additional 120,838 shares during the period. LSV Asset Management grew its stake 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 worth $169,020,000 after purchasing an additional 1,465,792 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Incyte by 56.6% in the third quarter. Acadian Asset Management LLC now owns 2,684,621 shares of the biopharmaceutical company’s stock worth $155,053,000 after purchasing an additional 970,668 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Incyte by 5.9% in the third quarter. Northern Trust Corp now owns 2,127,688 shares of the biopharmaceutical company’s stock valued at $122,917,000 after purchasing an additional 119,389 shares during the period. 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.