UBS Group Cuts Incyte (NASDAQ:INCY) Price Target to $94.00

Incyte (NASDAQ:INCY) had its price objective decreased by UBS Group from $104.00 to $94.00 in a research note issued to investors on Wednesday,Benzinga reports. UBS Group currently has a neutral rating on the biopharmaceutical company’s stock.

INCY has been the subject of a number of other research reports. Royal Bank Of Canada dropped their target price on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 11th. Barclays restated an “overweight” rating on shares of Incyte in a research report on Tuesday. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $90.00 price objective on shares of Incyte in a research note on Thursday, January 8th. Piper Sandler raised their price objective on shares of Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Finally, Morgan Stanley set a $102.00 target price on shares of Incyte in a research note on Wednesday, February 11th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $104.89.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $90.30 on Wednesday. The business’s fifty day moving average price is $98.98 and its two-hundred day moving average price is $96.93. Incyte has a fifty-two week low of $53.56 and a fifty-two week high of $112.29. The stock has a market capitalization of $17.97 billion, a price-to-earnings ratio of 14.09, a price-to-earnings-growth ratio of 0.73 and a beta of 0.84. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). Incyte had a net margin of 25.03% and a return on equity of 26.34%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the business posted $1.43 earnings per share. The firm’s revenue was up 27.8% compared to the same quarter last year. As a group, analysts predict that Incyte will post 4.86 EPS for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the sale, the insider owned 234,800 shares of the company’s stock, valued at $22,127,552. This represents a 7.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the completion of the sale, the executive vice president owned 66,132 shares of the company’s stock, valued at $7,213,017.24. The trade was a 14.10% decrease in their position. The SEC filing for this sale provides additional information. 17.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. acquired a new position in Incyte during the 3rd quarter worth $26,000. Root Financial Partners LLC acquired a new stake in shares of Incyte in the 3rd quarter valued at $28,000. Elyxium Wealth LLC acquired a new stake in shares of Incyte in the 4th quarter valued at $28,000. Smithfield Trust Co raised its position in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 162 shares during the last quarter. Finally, Quent Capital LLC bought a new stake in shares of Incyte during the third quarter worth $30,000. Institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

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.