Incyte (NASDAQ:INCY) Receives Neutral Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their neutral rating on shares of Incyte (NASDAQ:INCY) in a report released on Tuesday morning, Benzinga reports.

A number of other research firms also recently weighed in on INCY. Royal Bank of Canada reissued a sector perform rating and issued a $65.00 price target on shares of Incyte in a research note on Monday, March 25th. StockNews.com downgraded Incyte from a strong-buy rating to a buy rating in a research note on Thursday, May 2nd. TD Cowen cut their price target on Incyte from $88.00 to $80.00 and set a buy rating on the stock in a research note on Wednesday, May 1st. Truist Financial reissued a buy rating and issued a $83.00 price target (down previously from $84.00) on shares of Incyte in a research note on Wednesday, May 1st. Finally, Oppenheimer dropped their price objective on Incyte from $92.00 to $84.00 and set an outperform rating on the stock in a research note on Wednesday, April 24th. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Incyte presently has a consensus rating of Hold and a consensus target price of $73.69.

Incyte Stock Down 2.0 %

NASDAQ:INCY opened at $61.44 on Tuesday. The stock’s fifty day moving average price is $56.02 and its two-hundred day moving average price is $58.43. Incyte has a 52-week low of $50.27 and a 52-week high of $67.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.43 and a current ratio of 3.47. The company has a market cap of $13.80 billion, a price-to-earnings ratio of 18.62, a P/E/G ratio of 1.34 and a beta of 0.74.

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

Insiders Place Their Bets

In other Incyte news, EVP Barry P. Flannelly sold 19,164 shares of the stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the completion of the transaction, the executive vice president now owns 66,377 shares in the company, valued at approximately $3,982,620. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Barry P. Flannelly sold 19,164 shares of the firm’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 owns 66,377 shares in the company, valued at approximately $3,982,620. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were 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 approximately $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

Hedge funds and other institutional investors have recently bought and sold shares of the business. ARK Investment Management LLC grew its holdings in Incyte by 7.7% during the fourth quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company’s stock worth $33,381,000 after purchasing an additional 37,932 shares during the period. Russell Investments Group Ltd. grew its holdings in Incyte by 29.3% during the fourth quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company’s stock worth $60,465,000 after purchasing an additional 217,979 shares during the period. Great Lakes Advisors LLC bought a new position in Incyte during the fourth quarter worth about $2,033,000. Eventide Asset Management LLC bought a new position in Incyte during the fourth quarter worth about $7,629,000. Finally, BNP Paribas Financial Markets grew its holdings in Incyte by 9.7% during the fourth quarter. BNP Paribas Financial Markets now owns 304,258 shares of the biopharmaceutical company’s stock worth $19,104,000 after purchasing an additional 26,818 shares during the period. Institutional investors 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.