Incyte (NASDAQ:INCY) PT Lowered to $52.00

Incyte (NASDAQ:INCY) had its target price decreased by BMO Capital Markets from $56.00 to $52.00 in a report issued on Wednesday morning, Benzinga reports. BMO Capital Markets currently has a market perform rating on the biopharmaceutical company’s stock.

INCY has been the subject of several other research reports. Cantor Fitzgerald assumed coverage on shares of Incyte in a research report on Tuesday, April 23rd. They set a neutral rating for the company. William Blair reissued an outperform rating on shares of Incyte in a research report on Tuesday, February 6th. Citigroup decreased their target price on Incyte from $82.00 to $81.00 and set a buy rating on the stock in a report on Wednesday, February 14th. Oppenheimer cut their price target on Incyte from $92.00 to $84.00 and set an outperform rating for the company in a report on Wednesday, April 24th. Finally, JMP Securities downgraded Incyte from an outperform rating to a market perform rating in a research note on Wednesday, February 14th. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $74.93.

Incyte Stock Up 1.3 %

Shares of Incyte stock opened at $53.76 on Wednesday. Incyte has a twelve month low of $50.27 and a twelve month high of $67.72. The company has a quick ratio of 3.36, a current ratio of 3.47 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $56.09 and its 200 day moving average is $57.55. The company has a market cap of $12.07 billion, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 1.25 and a beta of 0.69.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a net margin of 19.78% and a return on equity of 12.83%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the company earned $0.44 earnings per share. Incyte’s quarterly revenue was up 9.3% compared to the same quarter last year. Research analysts anticipate that Incyte will post 3.78 EPS for the current year.

Hedge Funds Weigh In On Incyte

Several institutional investors have recently bought and sold shares of INCY. ARK Investment Management LLC increased its stake in Incyte by 7.7% in the 4th quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company’s stock worth $33,381,000 after acquiring an additional 37,932 shares during the last quarter. Russell Investments Group Ltd. increased its position in Incyte by 29.3% in the fourth quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company’s stock worth $60,465,000 after purchasing an additional 217,979 shares during the last quarter. Royal Bank of Canada raised its stake in Incyte by 85.3% during the third quarter. Royal Bank of Canada now owns 987,052 shares of the biopharmaceutical company’s stock valued at $57,021,000 after purchasing an additional 454,416 shares in the last quarter. RFG Advisory LLC bought a new position in Incyte during the fourth quarter valued at $206,000. Finally, Raymond James & Associates bought a new stake in shares of Incyte in the 4th quarter worth about $2,291,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.