Incyte (NASDAQ:INCY) Sets New 52-Week Low at $60.71

Posted by Defense World Staff on Jun 3rd, 2023

Incyte Co. (NASDAQ:INCY – Get Rating)’s share price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $60.71 and last traded at $61.28, with a volume of 122081 shares. The stock had previously closed at $61.55.

Wall Street Analysts Forecast Growth

INCY has been the subject of several research analyst reports. VNET Group reissued a “maintains” rating on shares of Incyte in a research note on Wednesday, May 3rd. BMO Capital Markets reduced their price objective on Incyte from $75.00 to $70.00 in a research note on Wednesday, May 3rd. SVB Leerink reissued an “underperform” rating and issued a $63.00 price objective on shares of Incyte in a research note on Wednesday, February 8th. Morgan Stanley increased their price objective on Incyte from $76.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 12th. Finally, Royal Bank of Canada cut their price target on Incyte from $79.00 to $70.00 in a research note on Wednesday, May 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $81.50.

Incyte Price Performance

The firm has a market capitalization of $13.95 billion, a P/E ratio of 43.13, a P/E/G ratio of 3.05 and a beta of 0.72. The stock has a 50 day moving average of $69.22 and a two-hundred day moving average of $75.89. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.91 and a current ratio of 3.95.

Institutional Trading of Incyte

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ontario Teachers Pension Plan Board grew its holdings in Incyte by 257.5% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 52,037 shares of the biopharmaceutical company’s stock valued at $3,761,000 after buying an additional 37,482 shares during the last quarter. ProShare Advisors LLC grew its holdings in Incyte by 0.5% in the 1st quarter. ProShare Advisors LLC now owns 60,566 shares of the biopharmaceutical company’s stock valued at $4,377,000 after buying an additional 283 shares during the last quarter. Putnam Investments LLC grew its holdings in Incyte by 199.1% in the 1st quarter. Putnam Investments LLC now owns 120,892 shares of the biopharmaceutical company’s stock valued at $8,737,000 after buying an additional 80,469 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in Incyte by 119.3% in the 1st quarter. Ameriprise Financial Inc. now owns 608,912 shares of the biopharmaceutical company’s stock valued at $44,006,000 after buying an additional 331,283 shares during the last quarter. Finally, SkyView Investment Advisors LLC acquired a new stake in shares of Incyte during the 1st quarter worth approximately $377,000. Institutional investors and hedge funds own 95.08% of the company’s stock.

Incyte Company Profile

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Incyte Corp. is a biopharmaceutical company, which engages in the discovery, development, and commercialization of proprietary therapeutics. The company was founded in April 1991 and is headquartered in Wilmington, DE.

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