Incyte (NASDAQ:INCY) Given New $52.00 Price Target at BMO Capital Markets

Incyte (NASDAQ:INCY) had its target price cut by BMO Capital Markets from $56.00 to $52.00 in a report issued on Wednesday, Benzinga reports. They currently have a market perform rating on the biopharmaceutical company’s stock.

A number of other brokerages have also recently commented on INCY. Oppenheimer dropped their target price on Incyte from $92.00 to $84.00 and set an outperform rating for the company in a research report on Wednesday, April 24th. Cantor Fitzgerald initiated coverage on Incyte in a report on Tuesday, April 23rd. They set a neutral rating for the company. Stifel Nicolaus raised their price objective on shares of Incyte from $67.00 to $68.00 and gave the stock a hold rating in a report on Wednesday, February 14th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $65.00 target price on shares of Incyte in a report on Monday, March 25th. Finally, JMP Securities cut shares of Incyte from an outperform rating to a market perform rating in a research note on Wednesday, February 14th. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $74.93.

Incyte Trading Up 1.7 %

Shares of INCY stock opened at $52.94 on Wednesday. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $72.16. The firm has a market capitalization of $11.89 billion, a P/E ratio of 16.04, a PEG ratio of 1.22 and a beta of 0.69. The stock’s fifty day moving average is $56.39 and its two-hundred day moving average is $57.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.35.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). Incyte had a return on equity of 12.83% and a net margin of 19.78%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same period last year, the firm posted $0.44 EPS. The business’s quarterly revenue was up 9.3% on a year-over-year basis. Research analysts expect that Incyte will post 3.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Incyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ARK Investment Management LLC increased its position in shares of Incyte by 7.7% during the fourth quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company’s stock worth $33,381,000 after acquiring an additional 37,932 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Incyte by 29.3% in the 4th quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company’s stock valued at $60,465,000 after purchasing an additional 217,979 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Incyte by 85.3% during the 3rd quarter. Royal Bank of Canada now owns 987,052 shares of the biopharmaceutical company’s stock valued at $57,021,000 after buying an additional 454,416 shares during the last quarter. RFG Advisory LLC acquired a new stake in shares of Incyte during the fourth quarter worth approximately $206,000. Finally, Raymond James & Associates bought a new stake in shares of Incyte in the fourth quarter worth $2,291,000. Hedge funds and other institutional investors 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.