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

Incyte (NASDAQ:INCY) had its target price reduced by Citigroup from $97.00 to $88.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

A number of other analysts have also recently commented on INCY. JPMorgan Chase & Co. lifted their target price on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. UBS Group assumed coverage on shares of Incyte in a research note on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective for the company. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $68.00 to $90.00 in a research note on Tuesday, October 29th. JMP Securities restated a “market perform” rating on shares of Incyte in a research note on Tuesday, January 14th. Finally, The Goldman Sachs Group lifted their price objective on shares of Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $75.59.

Incyte Stock Down 2.9 %

Shares of Incyte stock opened at $66.33 on Tuesday. The firm’s 50 day moving average price is $71.69 and its 200-day moving average price is $69.18. The company has a market cap of $12.78 billion, a P/E ratio of 473.82, a PEG ratio of 0.53 and a beta of 0.70. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte has a 52-week low of $50.35 and a 52-week high of $83.95.

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

Insider Transactions at Incyte

In other news, EVP Vijay K. Iyengar sold 6,043 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the sale, the executive vice president now owns 30,658 shares of the company’s stock, valued at $2,311,000.04. This represents a 16.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Steven H. Stein sold 12,352 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction of $897,866.88. Following the sale, the executive vice president now directly 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 disclosure for this sale can be found here. Insiders sold 19,695 shares of company stock valued at $1,444,356 over the last 90 days. 17.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Incyte

Hedge funds have recently modified their holdings of the company. Orion Portfolio Solutions LLC purchased a new stake in shares of Incyte in the third quarter valued at about $770,000. CWA Asset Management Group LLC acquired a new position in Incyte in the fourth quarter valued at about $1,933,000. Greenwood Capital Associates LLC acquired a new position in Incyte in the third quarter valued at about $433,000. Tri Ri Asset Management Corp acquired a new position in Incyte in the third quarter valued at about $3,292,000. Finally, Cypress Capital Group acquired a new position in Incyte in the third quarter valued at about $971,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.