Incyte (NASDAQ:INCY) Given New $88.00 Price Target at Citigroup

Incyte (NASDAQ:INCY) had its target price lowered by Citigroup from $97.00 to $88.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s target price points to a potential upside of 28.84% from the company’s current price.

INCY has been the subject of a number of other research reports. BMO Capital Markets reissued an “underperform” rating and issued a $52.00 price objective (up previously from $48.00) on shares of Incyte in a report on Wednesday, October 30th. Oppenheimer boosted their price target on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. The Goldman Sachs Group upped their target price on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, JMP Securities restated a “market perform” rating on shares of Incyte in a research report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $75.71.

Incyte Price Performance

Incyte stock opened at $68.30 on Tuesday. The company has a market capitalization of $13.16 billion, a price-to-earnings ratio of 487.89, a PEG ratio of 0.53 and a beta of 0.70. The stock’s 50 day moving average is $71.79 and its 200-day moving average is $69.18. The company has a current ratio of 1.87, a quick ratio of 1.82 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.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share 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%. Equities research analysts expect that Incyte will post 0.35 EPS for the current year.

Insider Activity at Incyte

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the transaction, the executive vice president now directly owns 66,967 shares in the company, valued at approximately $4,867,831.23. This trade represents a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas Tray sold 650 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $70.64, for a total value of $45,916.00. Following the sale, the insider now owns 23,962 shares in the company, valued at approximately $1,692,675.68. This trade represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,695 shares of company stock valued at $1,444,356 in the last 90 days. 17.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Incyte

Several large investors have recently modified their holdings of the business. Quintet Private Bank Europe S.A. bought a new stake in shares of Incyte in the fourth quarter worth $26,000. Global X Japan Co. Ltd. grew its position in shares of Incyte by 144.7% in the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 230 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Incyte in the third quarter valued at about $30,000. R Squared Ltd bought a new position in shares of Incyte during the fourth quarter worth about $30,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Incyte during the third quarter worth about $33,000. 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.