Incyte (NASDAQ:INCY) Price Target Lowered to $84.00 at Oppenheimer

Incyte (NASDAQ:INCY) had its price objective reduced by equities research analysts at Oppenheimer from $92.00 to $84.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s price target suggests a potential upside of 62.63% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Jefferies Financial Group assumed coverage on shares of Incyte in a research note on Friday, February 23rd. They issued a “buy” rating and a $81.00 price target for the company. Truist Financial decreased their price target on shares of Incyte from $91.00 to $84.00 and set a “buy” rating for the company in a research note on Wednesday, February 14th. William Blair reissued an “outperform” rating on shares of Incyte in a research note on Tuesday, February 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $65.00 price target on shares of Incyte in a research note on Monday, March 25th. Finally, Citigroup decreased their target price 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. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $75.50.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $51.65 on Wednesday. The company has a market cap of $11.60 billion, a price-to-earnings ratio of 19.49, a price-to-earnings-growth ratio of 1.20 and a beta of 0.65. The company has a 50-day moving average price of $57.18 and a 200-day moving average price of $57.82. The company has a current ratio of 3.55, a quick ratio of 3.36 and a debt-to-equity ratio of 0.01. Incyte has a 12 month low of $50.27 and a 12 month high of $75.74.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). Incyte had a return on equity of 12.56% and a net margin of 16.17%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the company earned $0.44 earnings per share. Incyte’s quarterly revenue was up 9.3% on a year-over-year basis. As a group, equities analysts anticipate that Incyte will post 3.85 EPS for the current year.

Institutional Investors Weigh In On Incyte

A number of institutional investors have recently made changes to their positions in INCY. Cape Investment Advisory Inc. purchased a new stake in shares of Incyte during the fourth quarter valued at approximately $25,000. Larson Financial Group LLC boosted its holdings in Incyte by 4,220.0% in the fourth quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 422 shares during the last quarter. Redmont Wealth Advisors LLC purchased a new stake in Incyte in the first quarter worth approximately $28,000. Riverview Trust Co purchased a new stake in Incyte in the first quarter worth approximately $29,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in Incyte in the fourth quarter worth approximately $31,000. Hedge funds and other 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.