Incyte (NASDAQ:INCY) Price Target Lowered to $88.00 at Citigroup

Incyte (NASDAQ:INCY - Free Report) had its target price decreased by Citigroup from $97.00 to $88.00 in a research note released on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the biopharmaceutical company's stock.

Other research analysts also recently issued reports about the company. Wells Fargo & Company lifted their target price on Incyte from $68.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Thursday, December 19th. JPMorgan Chase & Co. lifted their target price on Incyte from $65.00 to $71.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. JMP Securities reiterated a "market perform" rating on shares of Incyte in a research note on Tuesday, January 14th. Royal Bank of Canada reissued a "sector perform" rating and set a $70.00 price target on shares of Incyte in a report on Thursday, January 23rd. Finally, Oppenheimer lifted their price target on Incyte from $81.00 to $82.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $75.59.

Incyte Stock Performance

Shares of NASDAQ INCY traded down $0.04 during midday trading on Tuesday, hitting $69.97. 960,991 shares of the company's stock were exchanged, compared to its average volume of 1,614,936. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte has a 12 month low of $50.35 and a 12 month high of $83.95. The company's 50 day moving average price is $71.37 and its 200 day moving average price is $69.17. The firm has a market capitalization of $13.48 billion, a PE ratio of 499.19, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. As a group, analysts predict that Incyte will post 0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, EVP Vijay K. Iyengar sold 6,043 shares of the business's stock in a transaction on Friday, November 29th. The stock was sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the transaction, the executive vice president now owns 30,658 shares of the company's stock, valued at approximately $2,311,000.04. The trade was a 16.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Steven H. Stein sold 12,352 shares of the business's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total value of $897,866.88. Following the transaction, the executive vice president now directly owns 66,967 shares of the company's stock, valued at $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 in the last three months. Corporate insiders own 17.60% of the company's stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors have recently modified their holdings of INCY. Haverford Trust Co grew its position in Incyte by 1.8% during the 3rd quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company's stock worth $515,000 after acquiring an additional 135 shares during the last quarter. Retirement Systems of Alabama grew its position in Incyte by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company's stock worth $2,391,000 after acquiring an additional 139 shares during the last quarter. V Square Quantitative Management LLC grew its position in Incyte by 4.1% during the 3rd quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company's stock worth $262,000 after acquiring an additional 155 shares during the last quarter. Trust Point Inc. grew its position in Incyte by 5.0% during the 4th quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company's stock worth $227,000 after acquiring an additional 156 shares during the last quarter. Finally, Bank of Nova Scotia grew its position in Incyte by 0.8% during the 4th quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company's stock worth $1,498,000 after acquiring an additional 171 shares during the last quarter. Institutional investors and hedge funds 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.