Truist Financial Forecasts Strong Price Appreciation for Incyte (NASDAQ:INCY) Stock

Incyte (NASDAQ:INCY) had its price target boosted by equities research analysts at Truist Financial from $103.00 to $105.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “hold” rating on the biopharmaceutical company’s stock. Truist Financial’s price objective points to a potential upside of 1.67% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Barclays reissued an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Stifel Nicolaus set a $123.00 price objective on shares of Incyte in a report on Tuesday, June 9th. Citigroup reaffirmed a “market perform” rating on shares of Incyte in a research note on Tuesday, June 2nd. HC Wainwright increased their target price on shares of Incyte from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Finally, Weiss Ratings raised shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. Eight equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $106.90.

Incyte Price Performance

Shares of INCY traded up $5.05 during mid-day trading on Monday, hitting $103.27. 769,519 shares of the company traded hands, compared to its average volume of 1,744,068. Incyte has a one year low of $66.74 and a one year high of $112.29. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average of $98.19 and a 200 day moving average of $98.94. The stock has a market capitalization of $20.63 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 0.95 and a beta of 0.79.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. Incyte’s revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.16 EPS. As a group, equities analysts expect that Incyte will post 6.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Incyte

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in Incyte in the fourth quarter valued at approximately $122,893,000. Caisse de depot et placement du Quebec raised its stake in shares of Incyte by 264.5% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after purchasing an additional 1,087,091 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Incyte by 6,586.4% in the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after buying an additional 1,056,451 shares during the last quarter. Wellington Management Group LLP raised its position in Incyte by 3,406.8% during the fourth quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock worth $73,028,000 after acquiring an additional 718,294 shares in the last quarter. Finally, SEB Asset Management AB acquired a new stake in Incyte in the first quarter valued at $60,817,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.