Incyte (NASDAQ:INCY) Rating Reiterated by BMO Capital Markets

Incyte (NASDAQ:INCY)‘s stock had its “underperform” rating reaffirmed by stock analysts at BMO Capital Markets in a research note issued to investors on Tuesday, MarketBeat reports. They presently have a $48.00 price target on the biopharmaceutical company’s stock, down from their prior price target of $52.00. BMO Capital Markets’ price target indicates a potential downside of 16.75% from the stock’s previous close.

INCY has been the topic of several other reports. Bank of America lowered their target price on Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $65.00 target price on shares of Incyte in a research note on Monday, March 25th. Truist Financial restated a “buy” rating and issued a $83.00 target price (down from $84.00) on shares of Incyte in a research note on Wednesday, May 1st. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Tuesday, June 18th. Finally, TD Cowen lowered their target price on Incyte from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $73.44.

Incyte Stock Down 2.3 %

INCY stock opened at $57.66 on Tuesday. The stock’s fifty day simple moving average is $57.73 and its two-hundred day simple moving average is $58.66. The company has a current ratio of 3.47, a quick ratio of 3.43 and a debt-to-equity ratio of 0.01. Incyte has a 1-year low of $50.27 and a 1-year high of $67.36. The stock has a market cap of $12.95 billion, a P/E ratio of 17.48, a P/E/G ratio of 1.31 and a beta of 0.73.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.31). Incyte had a return on equity of 12.83% and a net margin of 19.78%. The business had revenue of $880.89 million during the quarter, compared to analysts’ expectations of $935.85 million. Analysts expect that Incyte will post 3.57 EPS for the current year.

Insiders Place Their Bets

In other Incyte news, insider Thomas Tray sold 1,093 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the transaction, the insider now directly owns 21,634 shares in the company, valued at approximately $1,274,458.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Barry P. Flannelly sold 19,164 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total value of $1,149,840.00. Following the completion of the transaction, the executive vice president now directly owns 66,377 shares in the company, valued at approximately $3,982,620. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas Tray sold 1,093 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the transaction, the insider now owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The disclosure for this sale can be found here. Corporate insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Incyte by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock worth $1,294,120,000 after purchasing an additional 196,440 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Incyte by 2.3% in the 1st quarter. LSV Asset Management now owns 2,754,777 shares of the biopharmaceutical company’s stock worth $156,940,000 after purchasing an additional 62,950 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in Incyte by 7.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,514,634 shares of the biopharmaceutical company’s stock valued at $143,259,000 after acquiring an additional 177,852 shares during the period. Norges Bank purchased a new stake in Incyte during the 4th quarter valued at about $123,253,000. Finally, Los Angeles Capital Management LLC boosted its holdings in Incyte by 37.1% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,570,296 shares of the biopharmaceutical company’s stock valued at $98,599,000 after acquiring an additional 424,934 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.