Citigroup Cuts Incyte (NASDAQ:INCY) Price Target to $88.00

Incyte (NASDAQ:INCY) had its price objective reduced by Citigroup from $97.00 to $88.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

Other research analysts also recently issued research reports about the company. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and lifted their price target for the company from $68.00 to $90.00 in a report on Tuesday, October 29th. BMO Capital Markets reiterated an “underperform” rating and set a $52.00 price target (up previously from $48.00) on shares of Incyte in a report on Wednesday, October 30th. UBS Group began coverage on Incyte in a report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price target on the stock. Oppenheimer lifted their price target on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group lifted their price target on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Incyte has an average rating of “Hold” and an average price target of $75.59.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $70.01 on Tuesday. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $13.49 billion, a price-to-earnings ratio of 500.11, a PEG ratio of 0.53 and a beta of 0.70. The stock’s fifty day simple moving average is $71.47 and its 200 day simple moving average is $69.16. Incyte has a 52-week low of $50.35 and a 52-week high of $83.95.

Incyte (NASDAQ:INCY) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. As a group, sell-side analysts forecast that Incyte will post 0.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, EVP Vijay K. Iyengar sold 6,043 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the sale, the executive vice president now owns 30,658 shares of the company’s stock, valued at $2,311,000.04. The trade was a 16.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Steven H. Stein sold 12,352 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the sale, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at $4,867,831.23. This represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,695 shares of company stock valued at $1,444,356 over the last quarter. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Large investors have recently made changes to their positions in the business. Quintet Private Bank Europe S.A. acquired a new position in shares of Incyte during the 4th quarter worth about $26,000. Global X Japan Co. Ltd. lifted its position in shares of Incyte by 144.7% during the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 230 shares during the last quarter. R Squared Ltd acquired a new position in shares of Incyte during the 4th quarter worth about $30,000. Brooklyn Investment Group acquired a new position in shares of Incyte during the 3rd quarter worth about $30,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Incyte during the 3rd quarter worth about $33,000. 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.