Incyte (NASDAQ:INCY) Receives “Buy” Rating from Truist Financial

Truist Financial reaffirmed their buy rating on shares of Incyte (NASDAQ:INCY) in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a $83.00 price objective on the biopharmaceutical company’s stock, down from their prior price objective of $84.00.

INCY has been the subject of a number of other research reports. JMP Securities lowered shares of Incyte from an outperform rating to a market perform rating in a report on Wednesday, February 14th. William Blair restated an outperform rating on shares of Incyte in a report on Tuesday, February 6th. Cantor Fitzgerald assumed coverage on shares of Incyte in a research note on Tuesday, April 23rd. They set a neutral rating on the stock. Bank of America cut their price target on Incyte from $69.00 to $67.00 and set a neutral rating on the stock in a research report on Wednesday, March 13th. Finally, BMO Capital Markets reduced their target price on shares of Incyte from $56.00 to $52.00 and set a market perform rating for the company in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $74.93.

Incyte Stock Performance

Shares of INCY stock opened at $52.94 on Wednesday. The company has a market capitalization of $11.89 billion, a P/E ratio of 16.04, a P/E/G ratio of 1.22 and a beta of 0.69. Incyte has a 12-month low of $50.27 and a 12-month high of $72.16. The business’s 50 day moving average is $56.39 and its two-hundred day moving average is $57.61. The company has a current ratio of 3.35, a quick ratio of 3.36 and a debt-to-equity ratio of 0.01.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Cape Investment Advisory Inc. bought a new stake in Incyte during the fourth quarter worth approximately $25,000. Larson Financial Group LLC lifted its stake 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 buying an additional 422 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Incyte during the 4th quarter worth approximately $31,000. Redmont Wealth Advisors LLC bought a new stake in Incyte in the 1st quarter valued at $28,000. Finally, Riverview Trust Co acquired a new stake in Incyte during the first quarter valued at approximately $29,000. 96.97% of the stock is owned by institutional investors and hedge funds.

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.