Analysts Downgrade Incyte Target to $107 Amid Market Adjustments
Written by Emily J. Thompson, Senior Investment Analyst
Source: Benzinga
- Incyte Price Target Cut: Wells Fargo downgraded Incyte's price target from $116 to $107 and changed its rating from Overweight to Equal-Weight, reflecting a cautious market sentiment as shares closed at $106.21 on Friday.
- Uber Target Adjustment: Keybanc reduced Uber's price target from $110 to $105 while maintaining an Overweight rating, indicating analysts' confidence in Uber's future growth, with shares closing at $84.85 on Friday.
- Philip Morris Downgrade: Jefferies cut Philip Morris's price target from $220 to $180 and downgraded its rating from Buy to Hold, reflecting concerns about the company's future performance as shares closed at $173.62 on Friday.
- Prologis Price Target Increase: Truist Securities raised Prologis's price target from $131 to $142 while maintaining a Buy rating, indicating analysts' optimism about its future growth, with shares closing at $133.21 on Friday.
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Analyst Views on INCY
Wall Street analysts forecast INCY stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for INCY is 100.31 USD with a low forecast of 73.00 USD and a high forecast of 125.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
19 Analyst Rating
9 Buy
9 Hold
1 Sell
Moderate Buy
Current: 101.180
Low
73.00
Averages
100.31
High
125.00
Current: 101.180
Low
73.00
Averages
100.31
High
125.00
About INCY
Incyte Corporation is a biopharmaceutical company, which is focused on the discovery, development, and commercialization of therapeutics. The Company operates in two therapeutic areas. One therapeutic area is Hematology/Oncology, which is comprised of Myeloproliferative Neoplasms and Graft-Versus-Host Disease, as well as solid tumors and hematologic malignancies. Its other therapeutic area is Inflammation and Autoimmunity, which includes its Dermatology commercial franchise. Its hematology and oncology franchise are comprised of six products, which are JAKAFI (ruxolitinib), MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab), PEMAZYRE (pemigatinib), ICLUSIG (ponatinib), NIKTIMVO (axatilimab-csfr), and ZYNYZ (retifanlimab-dlwr), as well as numerous clinical development programs. The Company's pipeline also includes two first-in-class small molecule antagonist of Mas-related G protein-coupled receptor (MRGPRX2) and INCB000547, an oral MRGPRX4 antagonist.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Analysts Downgrade Incyte Target to $107 Amid Market Adjustments
- Incyte Price Target Cut: Wells Fargo downgraded Incyte's price target from $116 to $107 and changed its rating from Overweight to Equal-Weight, reflecting a cautious market sentiment as shares closed at $106.21 on Friday.
- Uber Target Adjustment: Keybanc reduced Uber's price target from $110 to $105 while maintaining an Overweight rating, indicating analysts' confidence in Uber's future growth, with shares closing at $84.85 on Friday.
- Philip Morris Downgrade: Jefferies cut Philip Morris's price target from $220 to $180 and downgraded its rating from Buy to Hold, reflecting concerns about the company's future performance as shares closed at $173.62 on Friday.
- Prologis Price Target Increase: Truist Securities raised Prologis's price target from $131 to $142 while maintaining a Buy rating, indicating analysts' optimism about its future growth, with shares closing at $133.21 on Friday.
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BofA Identifies 20 Most Favored Stocks by Hedge Funds
- Hedge Fund Favorites: BofA has identified 20 stocks favored by hedge funds, with Incyte Corporation (INCY) leading at a net relative weight of 32.26%, indicating strong appeal in the biotech sector.
- Industry Distribution: The selected stocks span various sectors, including healthcare, technology, and consumer goods, with Centene Corporation (CNC) and Invesco Ltd. (IVZ) following at 19.37% and 17.94%, reflecting hedge funds' emphasis on diversified portfolios.
- Market Trends: Among these favored stocks, VeriSign, Inc. (VRSN) and Mohawk Industries, Inc. (MHK) hold weights of 15.23% and 14.94%, respectively, indicating ongoing market interest in digital security and building materials.
- Investor Confidence: Match Group, Inc. (MTCH) and PG&E Corporation (PCG) are included with weights of 13.52% and 12.63%, showcasing investor confidence in social media and energy sectors, which may influence future market dynamics.
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