Incyte (NASDAQ:INCY) Rating Reiterated by Truist Financial

Incyte (NASDAQ:INCY)‘s stock had its “hold” rating reissued by analysts at Truist Financial in a report released on Wednesday, MarketBeat.com reports. They presently have a $74.00 price objective on the biopharmaceutical company’s stock, down from their previous price objective of $83.00. Truist Financial’s price objective would indicate a potential upside of 10.75% from the company’s current price.

Several other research analysts have also recently weighed in on INCY. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. William Blair reaffirmed an “outperform” rating on shares of Incyte in a report on Monday, September 9th. Oppenheimer dropped their price target on Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Bank of America upped their price objective on Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday. Finally, JPMorgan Chase & Co. lifted their target price on Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $73.24.

Incyte Stock Performance

Shares of Incyte stock opened at $66.82 on Wednesday. Incyte has a 52 week low of $50.27 and a 52 week high of $70.36. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. The business has a 50 day moving average price of $64.32 and a 200-day moving average price of $59.75. The company has a market cap of $15.00 billion, a PE ratio of 20.25, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.77 earnings per share. Equities analysts anticipate that Incyte will post 0.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Thomas Tray sold 572 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,047 shares of company stock valued at $2,225,626. Corporate insiders own 17.50% of the company’s stock.

Institutional Trading of Incyte

A number of hedge funds have recently made changes to their positions in INCY. Sanctuary Advisors LLC purchased a new stake in Incyte during the second quarter valued at about $2,738,000. Teachers Retirement System of The State of Kentucky boosted its stake in Incyte by 2,486.8% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 394,646 shares of the biopharmaceutical company’s stock worth $23,923,000 after buying an additional 379,390 shares in the last quarter. Delphi Management Inc. MA bought a new position in Incyte during the second quarter valued at approximately $73,000. Advisory Alpha LLC raised its stake in shares of Incyte by 18.9% during the second quarter. Advisory Alpha LLC now owns 6,678 shares of the biopharmaceutical company’s stock worth $405,000 after acquiring an additional 1,062 shares in the last quarter. Finally, Truist Financial Corp bought a new stake in shares of Incyte in the 2nd quarter worth approximately $1,122,000. 96.97% of the stock is owned by institutional investors.

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.