UBS Group Lowers Incyte (NASDAQ:INCY) Price Target to $94.00

Incyte (NASDAQ:INCY) had its price target lowered by research analysts at UBS Group from $104.00 to $94.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. UBS Group’s target price would indicate a potential upside of 1.72% from the company’s previous close.

Several other equities research analysts have also recently commented on INCY. Piper Sandler increased their price target on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Truist Financial set a $103.00 price objective on Incyte in a research note on Wednesday, December 24th. Morgan Stanley set a $102.00 target price on Incyte in a report on Wednesday, February 11th. HC Wainwright reaffirmed a “buy” rating and issued a $135.00 target price on shares of Incyte in a research note on Wednesday. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $90.00 price target on shares of Incyte in a research report on Thursday, January 8th. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Incyte currently has a consensus rating of “Hold” and a consensus target price of $104.89.

Incyte Price Performance

Shares of Incyte stock traded up $1.79 during trading hours on Wednesday, reaching $92.41. 448,518 shares of the company’s stock were exchanged, compared to its average volume of 1,905,986. The business has a fifty day moving average of $99.84 and a two-hundred day moving average of $96.97. The company has a market capitalization of $18.39 billion, a P/E ratio of 14.41, a price-to-earnings-growth ratio of 0.72 and a beta of 0.84. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. Incyte has a 1 year low of $53.56 and a 1 year high of $112.29.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.16). The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The firm’s revenue was up 27.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.43 EPS. As a group, research analysts predict that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In related news, EVP Mohamed Khairie Issa sold 10,856 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the completion of the transaction, the executive vice president owned 66,132 shares of the company’s stock, valued at approximately $7,213,017.24. This trade represents a 14.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the completion of the sale, the insider owned 234,800 shares of the company’s stock, valued at $22,127,552. This trade represents a 7.36% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Jacobi Capital Management LLC increased its holdings in Incyte by 0.9% during the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after purchasing an additional 99 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of Incyte by 0.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock worth $1,864,000 after buying an additional 100 shares during the period. Smartleaf Asset Management LLC lifted its stake in Incyte by 7.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after acquiring an additional 113 shares during the last quarter. Bank of Nova Scotia lifted its stake in Incyte by 0.7% in the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after acquiring an additional 124 shares during the last quarter. Finally, MAI Capital Management grew its holdings in Incyte by 19.9% during the 2nd quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock worth $51,000 after acquiring an additional 125 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.