Incyte (NASDAQ:INCY) Now Covered by Analysts at Cantor Fitzgerald

Investment analysts at Cantor Fitzgerald assumed coverage on shares of Incyte (NASDAQ:INCY) in a report released on Tuesday, Briefing.com reports. The firm set a “neutral” rating on the biopharmaceutical company’s stock.

Several other analysts have also commented on INCY. BMO Capital Markets raised their target price on Incyte from $58.00 to $64.00 and gave the stock a “market perform” rating in a report on Wednesday, February 14th. William Blair reaffirmed an “outperform” rating on shares of Incyte in a report on Tuesday, February 6th. Truist Financial decreased their target price on shares of Incyte from $91.00 to $84.00 and set a “buy” rating for the company in a research note on Wednesday, February 14th. JMP Securities lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 14th. Finally, Bank of America decreased their price objective on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating for the company in a research report on Wednesday, March 13th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $76.07.

Incyte Stock Performance

INCY opened at $51.92 on Tuesday. The firm has a 50 day moving average of $57.34 and a two-hundred day moving average of $57.86. The firm has a market capitalization of $11.66 billion, a PE ratio of 19.59, a P/E/G ratio of 1.21 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.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Incyte had a net margin of 16.17% and a return on equity of 12.56%. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.44 earnings per share. On average, analysts anticipate that Incyte will post 3.85 EPS for the current year.

Institutional Investors Weigh In On Incyte

A number of large investors have recently made changes to their positions in INCY. Vontobel Holding Ltd. raised its holdings in shares of Incyte by 1.2% during the 3rd quarter. Vontobel Holding Ltd. now owns 16,684 shares of the biopharmaceutical company’s stock worth $964,000 after acquiring an additional 195 shares during the period. CWM LLC raised its position in shares of Incyte by 85.2% during the 3rd quarter. CWM LLC now owns 5,129 shares of the biopharmaceutical company’s stock valued at $296,000 after buying an additional 2,360 shares during the period. State of Alaska Department of Revenue raised its position in shares of Incyte by 13.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 64,309 shares of the biopharmaceutical company’s stock valued at $3,714,000 after buying an additional 7,695 shares during the period. ARK Investment Management LLC lifted its holdings in Incyte by 5.6% in the third quarter. ARK Investment Management LLC now owns 493,693 shares of the biopharmaceutical company’s stock valued at $28,521,000 after acquiring an additional 26,127 shares during the last quarter. Finally, Czech National Bank increased its stake in Incyte by 48.3% during the third quarter. Czech National Bank now owns 32,507 shares of the biopharmaceutical company’s stock worth $1,878,000 after acquiring an additional 10,588 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.