Incyte (NASDAQ:INCY) Receives “Hold” Rating from Truist Financial

by · The Markets Daily

Truist Financial reiterated their hold rating on shares of Incyte (NASDAQ:INCY – Free Report) in a research note released on Wednesday morning, Marketbeat.com reports. Truist Financial currently has a $74.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $83.00.

Several other research firms have also recently weighed in on INCY. Cantor Fitzgerald reiterated a neutral rating on shares of Incyte in a research report on Monday, September 16th. Guggenheim raised their price target on shares of Incyte from $86.00 to $92.00 and gave the stock a buy rating in a report on Monday, September 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Incyte from $55.00 to $60.00 and gave the company a hold rating in a report on Thursday, August 1st. Bank of America lifted their price objective on shares of Incyte from $66.00 to $68.00 and gave the company a neutral rating in a report on Monday, September 16th. Finally, Royal Bank of Canada reiterated a sector perform rating and set a $67.00 price objective on shares of Incyte in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Incyte presently has an average rating of Hold and a consensus price target of $73.24.

Check Out Our Latest Analysis on INCY

Incyte Price Performance

INCY stock opened at $65.74 on Wednesday. The company has a fifty day moving average price of $64.37 and a 200-day moving average price of $59.79. The company has a market capitalization of $14.76 billion, a P/E ratio of 19.92, a PEG ratio of 5.03 and a beta of 0.73. Incyte has a 52-week low of $50.27 and a 52-week high of $70.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92.

Incyte (NASDAQ:INCY – Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. Incyte’s revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.77 EPS. As a group, equities analysts expect that Incyte will post 0.67 EPS for the current year.

Insider Transactions at Incyte

In related news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the transaction, the executive vice president now owns 36,701 shares of the company’s stock, valued at $2,569,070. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the transaction, the executive vice president now owns 36,701 shares of the company’s stock, valued at $2,569,070. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Thomas Tray sold 572 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The disclosure for this sale can be found here. Insiders sold 34,047 shares of company stock worth $2,225,626 over the last quarter. Corporate insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Incyte by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock worth $1,294,120,000 after acquiring an additional 196,440 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Incyte by 28.0% in the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock worth $215,833,000 after acquiring an additional 779,243 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Incyte by 0.5% in the 2nd quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock worth $167,911,000 after acquiring an additional 15,115 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Incyte by 17,460.4% during the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after buying an additional 2,676,851 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in Incyte by 70.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after buying an additional 1,101,041 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

(Get Free Report)

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.

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