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

Truist Financial reaffirmed their hold rating on shares of Incyte (NASDAQ:INCY) in a report published on Wednesday morning, MarketBeat reports. Truist Financial currently has a $74.00 price objective on the biopharmaceutical company’s stock, down from their previous price objective of $83.00.

A number of other research firms have also recently weighed in on INCY. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Incyte from $55.00 to $60.00 and gave the company a hold rating in a research note on Thursday, August 1st. William Blair restated an outperform rating on shares of Incyte in a research note on Monday, September 9th. BMO Capital Markets restated an underperform rating and set a $48.00 target price (down previously from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. JPMorgan Chase & Co. lifted their price target on shares of Incyte from $59.00 to $61.00 and gave the company a neutral rating in a report on Wednesday, July 31st. Finally, JMP Securities reiterated a market perform rating on shares of Incyte in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Incyte has an average rating of Hold and an average price target of $73.24.

Incyte Trading Down 1.9 %

Shares of Incyte stock opened at $65.17 on Wednesday. The company’s fifty day simple moving average is $64.23 and its 200-day simple moving average is $59.70. The stock has a market capitalization of $14.63 billion, a PE ratio of 19.75, a P/E/G ratio of 5.03 and a beta of 0.73. Incyte has a 1-year low of $50.27 and a 1-year high of $70.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84.

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

Insider Activity

In other news, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the sale, the executive vice president now directly owns 50,534 shares in the company, valued at approximately $3,032,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total value of $488,880.00. Following the sale, the executive vice president now directly owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 1,306 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total transaction of $83,832.14. Following the completion of the sale, the executive vice president now directly owns 58,042 shares in the company, valued at $3,725,715.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,047 shares of company stock worth $2,225,626. 17.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. purchased a new stake in Incyte in the 4th quarter worth about $25,000. MFA Wealth Advisors LLC bought a new position in Incyte in the 2nd quarter worth about $26,000. Redmont Wealth Advisors LLC bought a new position in Incyte in the 1st quarter worth about $28,000. Riverview Trust Co bought a new position in Incyte in the 1st quarter worth about $29,000. Finally, Fidelis Capital Partners LLC bought a new position in Incyte in the 1st quarter worth about $32,000. 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.