TD Cowen Cuts Incyte (NASDAQ:INCY) Price Target to $80.00

Incyte (NASDAQ:INCY) had its price target trimmed by TD Cowen from $88.00 to $80.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

Several other analysts have also recently issued reports on the company. William Blair reaffirmed an outperform rating on shares of Incyte in a report on Tuesday, February 6th. Citigroup dropped their price objective 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. Stifel Nicolaus boosted their target price on shares of Incyte from $67.00 to $68.00 and gave the stock a hold rating in a report on Wednesday, February 14th. Royal Bank of Canada restated a sector perform rating and set a $65.00 price objective on shares of Incyte in a research report on Monday, March 25th. Finally, Cantor Fitzgerald initiated coverage on Incyte in a report on Tuesday, April 23rd. They issued a neutral rating for the company. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Incyte currently has a consensus rating of Moderate Buy and a consensus price target of $74.93.

Incyte Price Performance

Shares of Incyte stock opened at $53.76 on Wednesday. The company has a market capitalization of $12.07 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 1.24 and a beta of 0.69. The company has a quick ratio of 3.36, a current ratio of 3.47 and a debt-to-equity ratio of 0.01. The stock’s 50-day simple moving average is $56.23 and its 200-day simple moving average is $57.58. Incyte has a 52 week low of $50.27 and a 52 week high of $67.72.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.09). The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Incyte had a return on equity of 12.83% and a net margin of 19.78%. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.44 earnings per share. As a group, analysts expect that Incyte will post 3.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently made changes to their positions in INCY. Mediolanum International Funds Ltd bought a new stake in shares of Incyte in the 1st quarter valued at about $1,184,000. United Community Bank purchased a new stake in Incyte during the first quarter worth $99,000. Central Pacific Bank Trust Division bought a new stake in Incyte during the 1st quarter valued at $266,000. Daiwa Securities Group Inc. increased its holdings in shares of Incyte by 42.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 32,957 shares of the biopharmaceutical company’s stock valued at $1,878,000 after acquiring an additional 9,893 shares during the period. Finally, Fidelis Capital Partners LLC bought a new position in shares of Incyte in the 1st quarter worth $32,000. Institutional investors own 96.97% of the company’s stock.

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.