Incyte (NASDAQ:INCY) Price Target Lowered to $84.00 at Oppenheimer

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

Several other equities analysts have also commented on the company. Royal Bank of Canada restated a sector perform rating and set a $65.00 price target on shares of Incyte in a research note on Monday, March 25th. Truist Financial cut their target price on Incyte from $91.00 to $84.00 and set a buy rating on the stock in a research note on Wednesday, February 14th. William Blair reiterated an outperform rating on shares of Incyte in a research note on Tuesday, February 6th. Jefferies Financial Group initiated coverage on Incyte in a research note on Friday, February 23rd. They issued a buy rating and a $81.00 target price on the stock. Finally, Stifel Nicolaus lifted their target price on Incyte from $67.00 to $68.00 and gave the company a hold rating in a research note on Wednesday, February 14th. Nine investment 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 data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $75.50.

Incyte Stock Performance

Shares of Incyte stock opened at $51.74 on Wednesday. The firm has a market cap of $11.62 billion, a P/E ratio of 19.52, a P/E/G ratio of 1.19 and a beta of 0.65. The company has a current ratio of 3.55, a quick ratio of 3.36 and a debt-to-equity ratio of 0.01. Incyte has a 12 month low of $50.27 and a 12 month high of $75.74. The stock’s fifty day moving average price is $57.06 and its 200-day moving average price is $57.78.

Incyte (NASDAQ:INCY) last announced its quarterly 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 firm had revenue of $1.01 billion for 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.44 EPS. On average, equities research analysts expect that Incyte will post 3.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Cape Investment Advisory Inc. acquired a new position in Incyte in the fourth quarter valued at approximately $25,000. Larson Financial Group LLC lifted its holdings in Incyte by 4,220.0% in the fourth quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 422 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new position in Incyte in the fourth quarter valued at approximately $31,000. Redmont Wealth Advisors LLC acquired a new position in Incyte in the first quarter valued at approximately $28,000. Finally, Riverview Trust Co acquired a new position in Incyte in the first quarter valued at approximately $29,000. 96.97% of the stock is owned by institutional investors and hedge funds.

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.