Incyte (NASDAQ:INCY) Stock Price Target Lowered at Leerink Partners

Key Points

• Leerink Partners lowered its Incyte price target from $154 to $150 but maintained an “outperform” rating; the new target implies about 27% upside from the prior close.
• Analyst views are mixed: 12 analysts rate the stock Buy, 12 Hold and one Sell, giving it a consensus “Hold” rating and an average target of $132.86.
• Incyte beat quarterly earnings and revenue estimates, reporting revenue of $1.56 billion, up 14% year over year. Shares traded down $4.84 to $118.01 on Thursday.

Incyte (NASDAQ:INCY - Get Free Report) had its price objective cut by investment analysts at Leerink Partners from $154.00 to $150.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an "outperform" rating on the biopharmaceutical company's stock. Leerink Partners's price target suggests a potential upside of 27.11% from the stock's previous close.

Several other research firms have also recently weighed in on INCY. HC Wainwright reissued a "buy" rating on shares of Incyte in a report on Tuesday, October 27th. Benchmark restated a "buy" rating on shares of Incyte in a research report on Tuesday, October 13th. Citigroup restated a "buy" rating on shares of Incyte in a report on Monday, August 3rd. TD Cowen upped their target price on Incyte from $138.00 to $140.00 and gave the company a "buy" rating in a research report on Wednesday, October 21st. Finally, Zacks Research lowered Incyte from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 14th. Twelve equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $132.86.

Incyte Price Performance

Incyte stock traded down $4.84 during mid-day trading on Thursday, hitting $118.01. 1,599,684 shares of the company's stock traded hands, compared to its average volume of 1,739,443. The firm has a 50 day simple moving average of $119.99 and a two-hundred day simple moving average of $108.37. Incyte has a fifty-two week low of $89.25 and a fifty-two week high of $132.60. The stock has a market cap of $24.05 billion, a price-to-earnings ratio of 62.77, a P/E/G ratio of 4.28 and a beta of 0.78.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($3.60) EPS for the quarter, beating the consensus estimate of ($3.93) by $0.33. The firm had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.46 billion. Incyte had a net margin of 6.71% and a return on equity of 7.92%. The company's quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.26 earnings per share. On average, research analysts anticipate that Incyte will post 2.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, insider Pablo Cagnoni sold 2,642 shares of the business's stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $112.71, for a total value of $297,779.82. Following the completion of the sale, the insider owned 183,200 shares of the company's stock, valued at $20,648,472. The trade was a 1.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Fiduciary Financial Advisors bought a new position in Incyte in the 2nd quarter valued at $26,000. Provenance Wealth Advisors LLC purchased a new position in shares of Incyte during the 3rd quarter valued at $33,000. Continuum Advisory LLC bought a new position in shares of Incyte in the second quarter worth $36,000. Latitude Advisors LLC bought a new position in shares of Incyte in the third quarter worth $39,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Incyte in the second quarter worth $52,000. 96.97% of the stock is owned by institutional investors.

About Incyte

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.

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