Incyte (NASDAQ:INCY) PT Lowered to $52.00

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

Other research analysts have also issued reports about the company. JMP Securities lowered Incyte from an outperform rating to a market perform rating in a research note on Wednesday, February 14th. Cantor Fitzgerald began coverage on shares of Incyte in a report on Tuesday, April 23rd. They set a neutral rating for the company. Royal Bank of Canada reaffirmed a sector perform rating and set a $65.00 price objective on shares of Incyte in a report on Monday, March 25th. Citigroup reduced 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. Finally, Jefferies Financial Group initiated coverage on Incyte in a report on Friday, February 23rd. They set a buy rating and a $81.00 price target for the company. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $74.93.

Incyte Trading Up 1.7 %

Shares of Incyte stock opened at $52.94 on Wednesday. The company’s fifty day moving average price is $56.39 and its two-hundred day moving average price is $57.61. The firm has a market capitalization of $11.89 billion, a PE ratio of 16.04, a price-to-earnings-growth ratio of 1.22 and a beta of 0.69. Incyte has a 52-week low of $50.27 and a 52-week high of $72.16. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.35 and a quick ratio of 3.36.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results 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). The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Incyte had a return on equity of 12.83% and a net margin of 19.78%. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period last year, the company earned $0.44 EPS. On average, analysts expect that Incyte will post 3.81 EPS for the current year.

Hedge Funds Weigh In On Incyte

Several hedge funds have recently added to or reduced their stakes in INCY. Norges Bank bought a new stake in Incyte during the 4th quarter worth about $123,253,000. LSV Asset Management grew its position in shares of Incyte by 119.6% during the 4th quarter. LSV Asset Management now owns 2,691,827 shares of the biopharmaceutical company’s stock worth $169,020,000 after buying an additional 1,465,792 shares during the period. Pacer Advisors Inc. raised its stake in shares of Incyte by 2,858.4% during the fourth quarter. Pacer Advisors Inc. now owns 1,025,784 shares of the biopharmaceutical company’s stock worth $64,409,000 after buying an additional 991,110 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in Incyte by 585.8% in the third quarter. Los Angeles Capital Management LLC now owns 1,145,362 shares of the biopharmaceutical company’s stock valued at $66,168,000 after buying an additional 978,342 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in Incyte by 56.6% in the third quarter. Acadian Asset Management LLC now owns 2,684,621 shares of the biopharmaceutical company’s stock valued at $155,053,000 after acquiring an additional 970,668 shares during the last quarter. 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.