Incyte (NASDAQ:INCY) Price Target Lowered to $88.00 at Citigroup

Incyte (NASDAQ:INCY) had its price objective lowered by investment analysts at Citigroup from $97.00 to $88.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price target points to a potential upside of 27.44% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Oppenheimer increased their target price on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. BMO Capital Markets reissued an “underperform” rating and set a $52.00 price objective (up previously from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. William Blair restated an “outperform” rating on shares of Incyte in a research note on Friday, December 13th. JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research note on Tuesday, January 14th. Finally, Morgan Stanley boosted their price target on Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Incyte currently has an average rating of “Hold” and a consensus target price of $75.59.

Incyte Stock Up 4.1 %

NASDAQ:INCY opened at $69.05 on Tuesday. The business’s fifty day moving average price is $71.58 and its 200 day moving average price is $69.16. The firm has a market capitalization of $13.30 billion, a price-to-earnings ratio of 493.25, a PEG ratio of 0.53 and a beta of 0.70. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. Incyte has a 1-year low of $50.35 and a 1-year high of $83.95.

Incyte (NASDAQ:INCY) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. On average, sell-side analysts forecast that Incyte will post 0.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the transaction, the executive vice president now owns 66,967 shares of the company’s stock, valued at $4,867,831.23. The trade was a 15.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas Tray sold 650 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $70.64, for a total value of $45,916.00. Following the completion of the sale, the insider now directly owns 23,962 shares in the company, valued at approximately $1,692,675.68. This represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 19,695 shares of company stock valued at $1,444,356. Company insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in INCY. Haverford Trust Co increased its position in Incyte by 1.8% during the third quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock worth $515,000 after acquiring an additional 135 shares during the period. Retirement Systems of Alabama grew its position in Incyte by 0.4% in the 4th quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company’s stock worth $2,391,000 after purchasing an additional 139 shares during the last quarter. V Square Quantitative Management LLC increased its holdings in shares of Incyte by 4.1% during the 3rd quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock worth $262,000 after purchasing an additional 155 shares during the period. Trust Point Inc. raised its position in shares of Incyte by 5.0% during the fourth quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company’s stock valued at $227,000 after buying an additional 156 shares during the last quarter. Finally, Mather Group LLC. lifted its stake in shares of Incyte by 26.4% in the fourth quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company’s stock valued at $57,000 after buying an additional 173 shares during the period. 96.97% of the stock is owned by institutional investors.

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.