Incyte (NASDAQ:INCY) Stock Rating Reaffirmed by Truist Financial

Truist Financial restated their hold rating on shares of Incyte (NASDAQ:INCY) in a research note released on Wednesday, Marketbeat reports. The brokerage currently has a $74.00 price target on the biopharmaceutical company’s stock, down from their prior price target of $83.00.

Several other equities analysts have also commented on the stock. Citigroup increased their price objective on shares of Incyte from $80.00 to $88.00 and gave the company a buy rating in a research report on Wednesday, July 31st. JMP Securities reissued a market perform rating on shares of Incyte in a research note on Tuesday, September 17th. Oppenheimer dropped their price objective on Incyte from $84.00 to $81.00 and set an outperform rating on the stock in a research note on Friday, July 26th. Bank of America boosted their price objective on shares of Incyte from $66.00 to $68.00 and gave the stock a neutral rating in a research note on Monday, September 16th. Finally, Guggenheim increased their price target on shares of Incyte from $86.00 to $92.00 and gave the company a buy rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $73.24.

Incyte Price Performance

Shares of NASDAQ INCY opened at $65.74 on Wednesday. The company has a market capitalization of $14.76 billion, a price-to-earnings ratio of 19.92, a P/E/G ratio of 5.03 and a beta of 0.73. The company has a 50 day simple moving average of $64.37 and a two-hundred day simple moving average of $59.80. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $70.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Cape Investment Advisory Inc. acquired a new position in Incyte in the fourth quarter valued at $25,000. MFA Wealth Advisors LLC purchased a new position in Incyte in the second quarter valued at approximately $26,000. Redmont Wealth Advisors LLC acquired a new position in Incyte during the first quarter valued at approximately $28,000. Riverview Trust Co purchased a new position in Incyte in the first quarter valued at about $29,000. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Incyte during the 1st quarter valued at about $32,000. 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.