Truist Financial Has Lowered Expectations for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price target decreased by equities research analysts at Truist Financial from $74.00 to $72.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the biopharmaceutical company’s stock. Truist Financial’s price objective suggests a potential upside of 19.32% from the company’s current price.

INCY has been the subject of several other research reports. JMP Securities reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, February 11th. StockNews.com downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Guggenheim downgraded shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price objective for the company. in a research report on Tuesday. William Blair downgraded shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Finally, Royal Bank of Canada cut their price objective on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $75.13.

Incyte Trading Up 0.6 %

NASDAQ INCY opened at $60.34 on Tuesday. The firm has a 50 day moving average of $71.03 and a two-hundred day moving average of $70.20. Incyte has a 52 week low of $50.35 and a 52 week high of $83.95. The stock has a market capitalization of $11.68 billion, a PE ratio of 223.49, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. As a group, research analysts expect that Incyte will post 4.86 EPS for the current fiscal year.

Insider Activity at Incyte

In related news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total value of $41,924.01. Following the sale, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. This represents a 2.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the sale, the executive vice president now directly owns 66,967 shares in the company, valued at approximately $4,867,831.23. The trade was a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,827 shares of company stock valued at $3,322,618. Insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. CWA Asset Management Group LLC purchased a new position in shares of Incyte during the 4th quarter worth about $1,933,000. Orion Portfolio Solutions LLC purchased a new position in shares of Incyte during the 3rd quarter worth about $770,000. Tri Ri Asset Management Corp purchased a new position in shares of Incyte during the 3rd quarter worth about $3,292,000. Cypress Capital Group purchased a new position in shares of Incyte during the 3rd quarter worth about $971,000. Finally, Bridgewater Associates LP raised its holdings in Incyte by 142.8% in the third quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company’s stock valued at $20,401,000 after buying an additional 181,504 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.