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

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

Several other analysts have also recently commented on INCY. Royal Bank of Canada reissued a sector perform rating and issued a $65.00 price target on shares of Incyte in a report on Monday, March 25th. Cantor Fitzgerald assumed coverage on Incyte in a report on Tuesday. They set a neutral rating for the company. William Blair reaffirmed an outperform rating on shares of Incyte in a report on Tuesday, February 6th. Truist Financial reduced their price objective on Incyte from $91.00 to $84.00 and set a buy rating for the company in a report on Wednesday, February 14th. Finally, Bank of America reduced their price objective on Incyte from $69.00 to $67.00 and set a neutral rating for the company in a report on Wednesday, March 13th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Incyte presently has an average rating of Moderate Buy and a consensus price target of $75.50.

Incyte Stock Up 0.2 %

INCY opened at $51.74 on Wednesday. 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 business has a 50 day simple moving average of $57.06 and a 200-day simple moving average of $57.78. The stock has a market capitalization 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. Incyte has a 12 month low of $50.27 and a 12 month high of $75.74.

Incyte (NASDAQ:INCY) last posted 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 business had revenue of $1.01 billion during 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 firm’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 earnings per share. On average, equities analysts anticipate that Incyte will post 3.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Incyte

A number of hedge funds and other institutional investors have recently made changes to their positions in INCY. Cape Investment Advisory Inc. purchased a new stake in shares of Incyte in the fourth quarter valued at $25,000. Larson Financial Group LLC grew its position in shares of 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 purchasing an additional 422 shares during the period. Redmont Wealth Advisors LLC purchased a new stake in shares of Incyte in the first quarter valued at $28,000. Riverview Trust Co acquired a new position in Incyte in the first quarter valued at $29,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in Incyte during the fourth quarter valued at about $31,000. Hedge funds and other institutional investors 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.