Citigroup Issues Pessimistic Forecast for Incyte (NASDAQ:INCY) Stock Price

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

INCY has been the subject of a number of other reports. Wells Fargo & Company upped their price objective on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 19th. Oppenheimer upped their price target 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. Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 price objective on shares of Incyte in a research report on Thursday, January 23rd. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and upped their target price for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. raised their price target on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus price target of $75.59.

Incyte Trading Up 4.1 %

NASDAQ INCY opened at $69.05 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. Incyte has a one year low of $50.35 and a one year high of $83.95. The company has a 50-day simple moving average of $71.58 and a 200-day simple moving average of $69.16. The firm has a market capitalization of $13.30 billion, a PE ratio of 493.25, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70.

Incyte (NASDAQ:INCY) last issued 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 net margin of 0.80% and a negative return on equity of 0.63%. On average, equities analysts forecast that Incyte will post 0.35 earnings per share for the current year.

Insider Activity at Incyte

In other Incyte news, insider Thomas Tray sold 650 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $69.31, for a total value of $45,051.50. Following the completion of the sale, the insider now directly owns 23,312 shares of the company’s stock, valued at approximately $1,615,754.72. This represents a 2.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Steven H. Stein sold 12,352 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the transaction, the executive vice president now owns 66,967 shares of the company’s stock, valued at approximately $4,867,831.23. This trade represents 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 Inflows and Outflows

Several institutional investors have recently modified their holdings of INCY. CWM LLC grew its holdings in shares of Incyte by 79.3% in the 3rd quarter. CWM LLC now owns 14,297 shares of the biopharmaceutical company’s stock worth $945,000 after acquiring an additional 6,325 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Incyte by 102.3% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,562 shares of the biopharmaceutical company’s stock valued at $103,000 after purchasing an additional 790 shares during the period. Exchange Traded Concepts LLC increased its stake in Incyte by 81.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 33,325 shares of the biopharmaceutical company’s stock worth $2,203,000 after purchasing an additional 14,953 shares in the last quarter. Creative Planning raised its holdings in Incyte by 6.2% during the 3rd quarter. Creative Planning now owns 22,366 shares of the biopharmaceutical company’s stock worth $1,478,000 after buying an additional 1,307 shares during the period. Finally, V Square Quantitative Management LLC lifted its stake in Incyte by 4.1% during the third quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock valued at $262,000 after buying an additional 155 shares in the last quarter. 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.