Truist Financial Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Key Points

• Truist Financial raised Incyte's target price from $73.00 to $79.00, suggesting a potential upside of 1.33% from the stock's previous close.
• A variety of analysts have upgraded Incyte's stock, with Wall Street Zen giving a "strong-buy" rating and others raising their target prices significantly, reflecting growing confidence in the company.
• Incyte reported a quarterly earnings per share of $1.16, exceeding estimates and marking a 19.5% year-over-year revenue increase, indicating robust financial performance.

Incyte (NASDAQ:INCY - Get Free Report) had its price target boosted by equities researchers at Truist Financial from $73.00 to $79.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "hold" rating on the biopharmaceutical company's stock. Truist Financial's price objective would suggest a potential upside of 6.24% from the stock's current price.

INCY has been the subject of several other research reports. Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and increased their price target for the stock from $75.00 to $107.00 in a research note on Monday, June 16th. Citigroup reiterated a "buy" rating on shares of Incyte in a research note on Tuesday, June 3rd. UBS Group increased their price target on Incyte from $62.00 to $68.00 and gave the stock a "neutral" rating in a research note on Wednesday. JPMorgan Chase & Co. cut their price target on Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a research note on Monday, July 14th. Finally, Wells Fargo & Company increased their price target on Incyte from $59.00 to $67.00 and gave the stock an "equal weight" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $78.50.

Incyte Stock Performance

NASDAQ:INCY traded down $0.53 during trading on Wednesday, reaching $74.36. The company's stock had a trading volume of 346,563 shares, compared to its average volume of 1,876,875. The firm has a market cap of $14.39 billion, a price-to-earnings ratio of 16.92, a price-to-earnings-growth ratio of 0.65 and a beta of 0.68. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.85. The firm has a 50 day moving average of $68.72 and a 200-day moving average of $66.68. Incyte has a 12 month low of $53.56 and a 12 month high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.15. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $996.17 million. Incyte had a return on equity of 21.99% and a net margin of 18.99%. The firm's quarterly revenue was up 19.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 EPS. Research analysts expect that Incyte will post 4.86 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Steven H. Stein sold 3,706 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $67.94, for a total transaction of $251,785.64. Following the transaction, the executive vice president directly owned 102,886 shares of the company's stock, valued at approximately $6,990,074.84. This trade represents a 3.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of the firm's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $82,225.22. Following the transaction, the executive vice president directly owned 35,929 shares in the company, valued at approximately $2,509,999.94. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,098 shares of company stock worth $3,836,196. 17.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Incyte

A number of large investors have recently modified their holdings of the company. Assenagon Asset Management S.A. raised its holdings in shares of Incyte by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company's stock valued at $612,000 after buying an additional 147 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its holdings in shares of Incyte by 0.7% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock valued at $1,410,000 after buying an additional 150 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Incyte by 10.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company's stock valued at $116,000 after buying an additional 156 shares in the last quarter. Advisory Alpha LLC raised its holdings in shares of Incyte by 2.1% during the 1st quarter. Advisory Alpha LLC now owns 8,056 shares of the biopharmaceutical company's stock valued at $488,000 after buying an additional 166 shares in the last quarter. Finally, Bank of Nova Scotia raised its holdings in shares of Incyte by 0.8% during the 4th quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company's stock valued at $1,498,000 after buying an additional 171 shares in the last quarter. 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.