Cantor Fitzgerald Begins Coverage on Incyte (NASDAQ:INCY)

Cantor Fitzgerald started coverage on shares of Incyte (NASDAQ:INCY) in a research note published on Tuesday, Marketbeat Ratings reports. The brokerage issued a neutral rating on the biopharmaceutical company’s stock.

Several other research firms have also recently issued reports on INCY. Bank of America decreased their target price on shares of Incyte from $69.00 to $67.00 and set a neutral rating on the stock in a research report on Wednesday, March 13th. Citigroup decreased their target price on Incyte from $82.00 to $81.00 and set a buy rating for the company in a report on Wednesday, February 14th. William Blair restated an outperform rating on shares of Incyte in a report on Tuesday, February 6th. JMP Securities downgraded shares of Incyte from an outperform rating to a market perform rating in a research note on Wednesday, February 14th. Finally, BMO Capital Markets raised their target price on shares of Incyte from $58.00 to $64.00 and gave the company a market perform rating in a research note on Wednesday, February 14th. Nine 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 stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $75.50.

Incyte Price Performance

INCY stock opened at $51.18 on Tuesday. The company has a market cap of $11.49 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 1.20 and a beta of 0.65. The company has a current ratio of 3.55, a quick ratio of 3.36 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average of $56.90 and a 200-day moving average of $57.73. Incyte has a 12-month low of $50.27 and a 12-month high of $75.74.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data 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). Incyte had a return on equity of 12.56% and a net margin of 16.17%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the firm earned $0.44 earnings per share. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. As a group, equities analysts expect that Incyte will post 3.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Incyte

Several hedge funds have recently made changes to their positions in INCY. Cape Investment Advisory Inc. purchased a new stake in shares of Incyte in the fourth quarter valued at $25,000. Larson Financial Group LLC lifted its position in shares of Incyte by 4,220.0% in the fourth quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 422 shares in the last quarter. Redmont Wealth Advisors LLC acquired a new stake in shares of Incyte during the first quarter worth approximately $28,000. Riverview Trust Co acquired a new stake in shares of Incyte during the 1st quarter valued at $29,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in Incyte in the fourth quarter valued at about $31,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.