Incyte (NASDAQ:INCY) Earns Buy Rating from Truist Financial

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating reaffirmed by stock analysts at Truist Financial in a report released on Wednesday, Benzinga reports. They presently have a $83.00 price objective on the biopharmaceutical company’s stock, down from their prior price objective of $84.00. Truist Financial’s target price indicates a potential upside of 59.46% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Citigroup decreased their price target on shares of Incyte from $82.00 to $81.00 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Cantor Fitzgerald assumed coverage on shares of Incyte in a report on Tuesday, April 23rd. They set a “neutral” rating on the stock. Bank of America lowered their target price on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a report on Wednesday, March 13th. Oppenheimer lowered their target price on shares of Incyte from $92.00 to $84.00 and set an “outperform” rating on the stock in a report on Wednesday, April 24th. Finally, William Blair restated an “outperform” rating on shares of Incyte in a report on Tuesday, February 6th. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $74.57.

Incyte Price Performance

NASDAQ INCY opened at $52.05 on Wednesday. The business has a 50 day simple moving average of $56.54 and a 200 day simple moving average of $57.64. Incyte has a 52-week low of $50.27 and a 52-week high of $75.74. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.55. The stock has a market cap of $11.69 billion, a price-to-earnings ratio of 19.64, a PEG ratio of 1.22 and a beta of 0.65.

Incyte (NASDAQ:INCY) last issued its quarterly 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 business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Incyte had a return on equity of 12.56% and a net margin of 16.17%. Incyte’s revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 earnings per share. Analysts anticipate that Incyte will post 3.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Incyte

A number of institutional investors have recently modified their holdings of INCY. Cape Investment Advisory Inc. bought a new stake in shares of Incyte in the fourth quarter valued at about $25,000. Larson Financial Group LLC boosted its position 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 acquiring an additional 422 shares during the period. Redmont Wealth Advisors LLC bought a new stake in shares of Incyte in the first quarter valued at about $28,000. Riverview Trust Co bought a new stake in shares of Incyte in the first quarter valued at about $29,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in shares of Incyte in the fourth quarter valued at about $31,000. 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.