Incyte (NASDAQ:INCY) Price Target Lowered to $88.00 at Citigroup

Incyte (NASDAQ:INCY) had its target price trimmed by Citigroup from $97.00 to $88.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.

INCY has been the subject of a number of other reports. The Goldman Sachs Group increased their price objective on shares of Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. UBS Group began coverage on shares of Incyte in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Morgan Stanley increased their price objective on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Finally, Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and raised their target price for the company from $68.00 to $90.00 in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Incyte currently has a consensus rating of “Hold” and an average target price of $75.59.

Incyte Price Performance

Shares of INCY opened at $66.33 on Tuesday. The stock has a market cap of $12.78 billion, a PE ratio of 473.82, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. Incyte has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The firm’s 50-day simple moving average is $71.69 and its two-hundred day simple moving average is $69.18.

Incyte (NASDAQ:INCY) last announced its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. Analysts anticipate that Incyte will post 0.35 earnings per share for the current fiscal year.

Insider Activity at Incyte

In related news, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the sale, the executive vice president now owns 66,967 shares in the company, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Thomas Tray sold 650 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $70.64, for a total transaction of $45,916.00. Following the transaction, the insider now directly owns 23,962 shares in the company, valued at $1,692,675.68. This trade represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,695 shares of company stock worth $1,444,356 in the last 90 days. 17.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. purchased a new position in Incyte during the 3rd quarter valued at about $156,611,000. Mizuho Securities USA LLC increased its position in Incyte by 13,814.7% during the 3rd quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock valued at $132,207,000 after purchasing an additional 1,985,726 shares during the period. Charles Schwab Investment Management Inc. increased its position in Incyte by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,643,067 shares of the biopharmaceutical company’s stock valued at $113,487,000 after purchasing an additional 33,847 shares during the period. Robeco Institutional Asset Management B.V. increased its position in Incyte by 5.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock valued at $83,680,000 after purchasing an additional 70,596 shares during the period. Finally, Sound Shore Management Inc. CT grew its position in shares of Incyte by 98.4% in the 4th quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company’s stock worth $82,959,000 after buying an additional 595,741 shares during the last quarter. 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.