Incyte (NASDAQ:INCY) Rating Lowered to Buy at StockNews.com

Incyte (NASDAQ:INCY) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Friday.

Several other equities analysts have also issued reports on INCY. BMO Capital Markets reiterated an “underperform” rating and issued a $52.00 price objective (up from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. Citigroup increased their price objective on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Wells Fargo & Company boosted their price objective on shares of Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. JMP Securities reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. Finally, Royal Bank of Canada upped their price objective on Incyte from $72.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $77.16.

Incyte Trading Down 3.2 %

Incyte stock traded down $2.28 during mid-day trading on Friday, hitting $68.55. The stock had a trading volume of 1,714,711 shares, compared to its average volume of 2,337,169. The stock has a market capitalization of $13.21 billion, a PE ratio of 489.64, a P/E/G ratio of 8.36 and a beta of 0.69. Incyte has a 12 month low of $50.35 and a 12 month high of $83.95. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The stock has a 50-day simple moving average of $72.12 and a two-hundred day simple moving average of $66.10.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the company posted $0.91 EPS. The firm’s revenue for the quarter was up 23.8% on a year-over-year basis. As a group, sell-side analysts forecast that Incyte will post 0.4 EPS for the current year.

Insider Activity

In related news, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the transaction, the executive vice president now directly owns 30,658 shares of the company’s stock, valued at $2,311,000.04. The trade was a 16.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the sale, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This represents a 5.96 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently modified their holdings of the business. Cetera Advisors LLC bought a new position in shares of Incyte during the 1st quarter worth about $241,000. Sequoia Financial Advisors LLC increased its holdings in shares of Incyte by 6.9% during the second quarter. Sequoia Financial Advisors LLC now owns 4,432 shares of the biopharmaceutical company’s stock valued at $269,000 after acquiring an additional 287 shares in the last quarter. Raymond James & Associates raised its position in shares of Incyte by 783.4% during the second quarter. Raymond James & Associates now owns 34,790 shares of the biopharmaceutical company’s stock worth $2,109,000 after purchasing an additional 30,852 shares during the period. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Incyte by 4.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 25,213 shares of the biopharmaceutical company’s stock worth $1,528,000 after purchasing an additional 997 shares in the last quarter. Finally, Continuum Advisory LLC grew its position in Incyte by 3.2% in the 2nd quarter. Continuum Advisory LLC now owns 54,090 shares of the biopharmaceutical company’s stock valued at $3,279,000 after purchasing an additional 1,662 shares during the period. 96.97% of the stock is currently owned by 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.