Deutsche Bank Aktiengesellschaft Initiates Coverage on Incyte (NASDAQ:INCY)

Deutsche Bank Aktiengesellschaft started coverage on shares of Incyte (NASDAQ:INCY) in a report released on Thursday, Marketbeat.com reports. The firm issued a hold rating and a $55.00 price target on the biopharmaceutical company’s stock.

A number of other equities analysts have also issued reports on INCY. Oppenheimer lowered their price target on Incyte from $92.00 to $84.00 and set an outperform rating on the stock in a report on Wednesday, April 24th. BMO Capital Markets lowered their price target on Incyte from $56.00 to $52.00 and set a market perform rating on the stock in a report on Wednesday, May 1st. StockNews.com lowered Incyte from a strong-buy rating to a buy rating in a report on Thursday, May 2nd. Cantor Fitzgerald started coverage on Incyte in a report on Tuesday, April 23rd. They set a neutral rating on the stock. Finally, Truist Financial reissued a buy rating and set a $83.00 price target (down previously from $84.00) on shares of Incyte in a report on Wednesday, May 1st. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $73.69.

Incyte Stock Performance

NASDAQ INCY opened at $57.31 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.47 and a quick ratio of 3.43. Incyte has a 1 year low of $50.27 and a 1 year high of $67.36. The company has a market capitalization of $12.87 billion, a PE ratio of 17.37, a P/E/G ratio of 1.76 and a beta of 0.69. The company has a fifty day moving average of $55.09 and a two-hundred day moving average of $57.75.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.31). Incyte had a net margin of 19.78% and a return on equity of 12.83%. The company had revenue of $880.89 million during the quarter, compared to analyst estimates of $935.85 million. As a group, analysts expect that Incyte will post 3.66 earnings per share for the current year.

Institutional Investors Weigh In On Incyte

Hedge funds and other institutional investors have recently modified their holdings of the stock. ARK Investment Management LLC lifted its position in shares of Incyte by 7.7% during the 4th quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company’s stock valued at $33,381,000 after acquiring an additional 37,932 shares during the period. Great Lakes Advisors LLC acquired a new stake in shares of Incyte during the 4th quarter valued at approximately $2,033,000. Russell Investments Group Ltd. lifted its position in shares of Incyte by 29.3% during the 4th quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company’s stock valued at $60,465,000 after acquiring an additional 217,979 shares during the period. BNP Paribas Financial Markets raised its position in shares of Incyte by 9.7% during the 4th quarter. BNP Paribas Financial Markets now owns 304,258 shares of the biopharmaceutical company’s stock worth $19,104,000 after purchasing an additional 26,818 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S raised its position in shares of Incyte by 326.8% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 10,568 shares of the biopharmaceutical company’s stock worth $664,000 after purchasing an additional 8,092 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.