Incyte (NASDAQ:INCY) Price Target Cut to $84.00 by Analysts at Oppenheimer

Incyte (NASDAQ:INCY) had its price objective trimmed by Oppenheimer from $92.00 to $84.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.

Several other equities analysts have also commented on the company. JMP Securities lowered Incyte from an outperform rating to a market perform rating in a report on Wednesday, February 14th. Royal Bank of Canada restated a sector perform rating and issued a $65.00 price objective on shares of Incyte in a research note on Monday, March 25th. William Blair restated an outperform rating on shares of Incyte in a research note on Tuesday, February 6th. Jefferies Financial Group assumed coverage on shares of Incyte in a research note on Friday, February 23rd. They issued a buy rating and a $81.00 price objective for the company. Finally, Citigroup decreased their price objective on shares of Incyte from $82.00 to $81.00 and set a buy rating for the company in a research note on Wednesday, February 14th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $75.50.

Incyte Stock Performance

NASDAQ:INCY opened at $51.68 on Wednesday. The firm has a market capitalization of $11.60 billion, a PE ratio of 19.50, a price-to-earnings-growth ratio of 1.20 and a beta of 0.65. The business’s fifty day moving average price is $56.78 and its 200 day moving average price is $57.70. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.55 and a quick ratio of 3.36. Incyte has a 12 month low of $50.27 and a 12 month high of $75.74.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 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 analysts’ expectations of $1 billion. Incyte had a net margin of 16.17% and a return on equity of 12.56%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period last year, the company earned $0.44 EPS. On average, sell-side analysts anticipate that Incyte will post 3.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Incyte

Several hedge funds have recently made changes to their positions in the business. Pinnacle Associates Ltd. acquired a new stake in shares of Incyte during the first quarter worth about $3,035,000. Mesirow Financial Investment Management Inc. acquired a new stake in Incyte in the first quarter valued at about $396,000. New York State Teachers Retirement System lifted its position in Incyte by 1.9% in the first quarter. New York State Teachers Retirement System now owns 203,649 shares of the biopharmaceutical company’s stock valued at $11,602,000 after purchasing an additional 3,739 shares during the period. Capital Investment Advisory Services LLC acquired a new stake in Incyte in the first quarter valued at about $318,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Incyte by 24.6% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 115,364 shares of the biopharmaceutical company’s stock valued at $6,572,000 after purchasing an additional 22,800 shares during the period. 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.