Incyte (NASDAQ:INCY) Given “Underperform” Rating at BMO Capital Markets

BMO Capital Markets restated their underperform rating on shares of Incyte (NASDAQ:INCY) in a research report report published on Wednesday morning, Benzinga reports. BMO Capital Markets currently has a $52.00 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $48.00.

Other equities analysts also recently issued reports about the stock. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research note on Monday, September 16th. JMP Securities reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $67.00 price objective on shares of Incyte in a research report on Tuesday, September 3rd. Oppenheimer reduced their target price on Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Finally, Citigroup increased their price target on Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Incyte has an average rating of “Hold” and a consensus price target of $76.74.

Incyte Price Performance

INCY stock opened at $73.93 on Wednesday. Incyte has a 1 year low of $50.27 and a 1 year high of $74.60. The firm has a market capitalization of $14.24 billion, a PE ratio of 22.40, a price-to-earnings-growth ratio of 5.31 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. The business has a 50 day simple moving average of $65.58 and a 200-day simple moving average of $61.60.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm’s revenue was up 9.3% compared to the same quarter last year. During the same period last year, the business earned $0.77 earnings per share. Equities research analysts anticipate that Incyte will post 0.66 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Thomas Tray sold 572 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.50% of the company’s stock.

Institutional Trading of Incyte

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Greenwood Capital Associates LLC purchased a new position in shares of Incyte in the 3rd quarter valued at $433,000. Forum Financial Management LP acquired a new position in Incyte in the third quarter valued at $232,000. Robeco Institutional Asset Management B.V. grew its holdings in shares of Incyte by 5.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock worth $83,680,000 after purchasing an additional 70,596 shares during the last quarter. Integrated Advisors Network LLC acquired a new stake in shares of Incyte during the third quarter worth about $967,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Incyte by 40.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 37,043 shares of the biopharmaceutical company’s stock valued at $2,449,000 after purchasing an additional 10,627 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.