Incyte (NASDAQ:INCY) Given Hold Rating at Truist Financial

Truist Financial reissued their hold rating on shares of Incyte (NASDAQ:INCY) in a research report sent to investors on Wednesday morning, Marketbeat reports. The firm currently has a $74.00 price target on the biopharmaceutical company’s stock, down from their prior price target of $83.00.

Several other research firms have also commented on INCY. William Blair reaffirmed an outperform rating on shares of Incyte in a report on Monday, September 9th. Bank of America lifted their price objective on shares of Incyte from $66.00 to $68.00 and gave the company a neutral rating in a research report on Monday, September 16th. Royal Bank of Canada restated a sector perform rating and issued a $67.00 target price on shares of Incyte in a research report on Tuesday, September 3rd. Guggenheim boosted their price objective on Incyte from $86.00 to $92.00 and gave the stock a buy rating in a research report on Monday, September 16th. Finally, BMO Capital Markets restated an underperform rating and issued a $48.00 target price (down from $52.00) on shares of Incyte in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $73.24.

Incyte Price Performance

Shares of INCY stock opened at $65.74 on Wednesday. The firm has a market cap of $14.76 billion, a P/E ratio of 19.92, a P/E/G ratio of 5.03 and a beta of 0.73. The firm has a fifty day moving average of $64.37 and a two-hundred day moving average of $59.80. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. Incyte has a 1-year low of $50.27 and a 1-year high of $70.36.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the business posted $0.77 EPS. Incyte’s revenue was up 9.3% compared to the same quarter last year. As a group, research analysts anticipate that Incyte will post 0.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Incyte news, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 1,306 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total value of $83,832.14. Following the sale, the executive vice president now owns 58,042 shares of the company’s stock, valued at $3,725,715.98. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock valued at $2,225,626 in the last quarter. 17.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Incyte

Large investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC bought a new position in shares of Incyte in the second quarter valued at approximately $2,738,000. Teachers Retirement System of The State of Kentucky lifted its holdings in Incyte by 2,486.8% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 394,646 shares of the biopharmaceutical company’s stock worth $23,923,000 after purchasing an additional 379,390 shares in the last quarter. Delphi Management Inc. MA bought a new position in shares of Incyte in the second quarter valued at approximately $73,000. Advisory Alpha LLC grew its position in shares of Incyte by 18.9% during the 2nd quarter. Advisory Alpha LLC now owns 6,678 shares of the biopharmaceutical company’s stock valued at $405,000 after purchasing an additional 1,062 shares in the last quarter. Finally, Truist Financial Corp bought a new position in Incyte in the 2nd quarter worth about $1,122,000. 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.