Incyte (NASDAQ:INCY) Given “Hold” Rating at Truist Financial

Incyte (NASDAQ:INCY)‘s stock had its “hold” rating restated by stock analysts at Truist Financial in a research note issued to investors on Wednesday, MarketBeat Ratings 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 target would indicate a potential upside of 11.40% from the stock’s current price.

A number of other research analysts have also recently commented on INCY. Citigroup upped their price objective on Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research note on Monday. BMO Capital Markets reiterated an “underperform” rating and set a $48.00 price target (down from $52.00) on shares of Incyte in a research report on Tuesday, July 2nd. Bank of America increased their price objective on shares of Incyte from $66.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $73.24.

Incyte Stock Up 0.0 %

Shares of INCY opened at $66.43 on Wednesday. The stock has a 50 day moving average price of $64.14 and a 200 day moving average price of $59.66. Incyte has a one year low of $50.27 and a one year 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. The stock has a market capitalization of $14.92 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 5.03 and a beta of 0.73.

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

Insider Transactions at Incyte

In related news, insider Thomas Tray sold 572 shares of the stock in a transaction 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 transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Barry P. Flannelly sold 1,306 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total transaction of $83,832.14. Following the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at $3,725,715.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas Tray sold 572 shares of the stock in a transaction dated Thursday, September 12th. The stock was 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 approximately $1,562,485.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,047 shares of company stock worth $2,225,626. 17.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Deseret Mutual Benefit Administrators lifted its holdings in shares of Incyte by 37.1% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 164 shares during the period. Moody National Bank Trust Division increased its holdings in shares of Incyte by 1.3% in the 2nd quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock valued at $861,000 after purchasing an additional 179 shares in the last quarter. Ballentine Partners LLC lifted its stake in shares of Incyte by 4.0% in the second quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock valued at $287,000 after purchasing an additional 182 shares during the period. 180 Wealth Advisors LLC grew its position in Incyte by 4.5% during the first quarter. 180 Wealth Advisors LLC now owns 4,764 shares of the biopharmaceutical company’s stock worth $271,000 after buying an additional 204 shares during the period. Finally, Empirical Finance LLC boosted its stake in shares of Incyte by 3.7% during the 1st quarter. Empirical Finance LLC now owns 6,395 shares of the biopharmaceutical company’s stock worth $364,000 after acquiring an additional 230 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.