Truist Financial Has Lowered Expectations for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY - Free Report) had its price objective trimmed by Truist Financial from $74.00 to $72.00 in a report released on Tuesday,Benzinga reports. The firm currently has a hold rating on the biopharmaceutical company's stock.

Other analysts also recently issued reports about the stock. William Blair downgraded shares of Incyte from an "outperform" rating to a "market perform" rating in a research report on Tuesday. StockNews.com downgraded Incyte from a "strong-buy" rating to a "buy" rating in a report on Wednesday, February 12th. Wells Fargo & Company raised their price target on Incyte from $68.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Thursday, December 19th. Stifel Nicolaus boosted their price target on Incyte from $75.00 to $77.00 and gave the company a "hold" rating in a research note on Monday, February 10th. Finally, Citigroup reduced their target price on shares of Incyte from $97.00 to $88.00 and set a "buy" rating for the company in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Incyte currently has a consensus rating of "Hold" and an average target price of $75.13.

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Incyte Price Performance

NASDAQ:INCY traded up $1.34 during mid-day trading on Tuesday, hitting $61.92. 4,332,207 shares of the stock traded hands, compared to its average volume of 2,264,889. The company has a market cap of $11.98 billion, a PE ratio of 229.34, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95. The business's 50-day moving average price is $70.61 and its 200 day moving average price is $70.13. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. On average, analysts expect that Incyte will post 4.86 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now directly owns 33,567 shares of the company's stock, valued at approximately $2,272,150.23. The trade was a 37.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Sheila A. Denton sold 14,069 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total value of $1,042,090.83. Following the sale, the executive vice president now owns 25,848 shares in the company, valued at $1,914,561.36. The trade was a 35.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,827 shares of company stock valued at $3,322,618 in the last ninety days. Insiders own 17.60% of the company's stock.

Institutional Trading of Incyte

Large investors have recently added to or reduced their stakes in the business. Quintet Private Bank Europe S.A. acquired a new stake in shares of Incyte in the 4th quarter worth approximately $26,000. Global X Japan Co. Ltd. lifted its position in Incyte by 144.7% in the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company's stock worth $27,000 after purchasing an additional 230 shares during the period. Brooklyn Investment Group bought a new position in Incyte during the 3rd quarter valued at $30,000. R Squared Ltd acquired a new position in shares of Incyte during the 4th quarter valued at $30,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Incyte in the 3rd quarter worth $33,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.