Incyte (NASDAQ:INCY) Receives New Coverage from Analysts at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of Incyte (NASDAQ:INCY) in a research report released on Tuesday, Marketbeat Ratings reports. The firm issued a neutral rating on the biopharmaceutical company’s stock.

A number of other equities analysts also recently commented on INCY. Citigroup lowered their price objective on Incyte from $82.00 to $81.00 and set a buy rating on the stock in a research note on Wednesday, February 14th. William Blair reissued an outperform rating on shares of Incyte in a research report on Tuesday, February 6th. Stifel Nicolaus upped their price objective on shares of Incyte from $67.00 to $68.00 and gave the company a hold rating in a report on Wednesday, February 14th. Jefferies Financial Group initiated coverage on shares of Incyte in a research note on Friday, February 23rd. They set a buy rating and a $81.00 target price on the stock. Finally, Truist Financial decreased their target price on shares of Incyte from $91.00 to $84.00 and set a buy rating on the stock in a report on Wednesday, February 14th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Incyte currently has a consensus rating of Moderate Buy and a consensus target price of $76.07.

Incyte Stock Performance

NASDAQ INCY opened at $51.65 on Tuesday. The stock’s 50 day simple moving average is $57.18 and its 200-day simple moving average is $57.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.55 and a quick ratio of 3.36. The company has a market cap of $11.60 billion, a PE ratio of 19.49, a price-to-earnings-growth ratio of 1.21 and a beta of 0.65. Incyte has a 1-year low of $50.27 and a 1-year high of $75.74.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data 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). Incyte had a net margin of 16.17% and a return on equity of 12.56%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the company posted $0.44 EPS. The firm’s revenue was up 9.3% on a year-over-year basis. As a group, equities research analysts anticipate that Incyte will post 3.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Incyte

Several hedge funds have recently bought and sold shares of INCY. Vanguard Group Inc. increased its stake in Incyte by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 22,519,381 shares of the biopharmaceutical company’s stock worth $1,413,992,000 after purchasing an additional 359,962 shares during the period. Invesco Ltd. increased its stake in Incyte by 3.2% during the 3rd quarter. Invesco Ltd. now owns 3,922,045 shares of the biopharmaceutical company’s stock worth $226,577,000 after buying an additional 120,838 shares during the period. LSV Asset Management lifted its holdings in 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 in the last quarter. Acadian Asset Management LLC boosted its position in Incyte by 56.6% in the 3rd quarter. Acadian Asset Management LLC now owns 2,684,621 shares of the biopharmaceutical company’s stock valued at $155,053,000 after buying an additional 970,668 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Incyte by 5.9% in the third quarter. Northern Trust Corp now owns 2,127,688 shares of the biopharmaceutical company’s stock worth $122,917,000 after acquiring an additional 119,389 shares in the last quarter. Institutional investors and hedge funds 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.