Incyte’s (INCY) Underperform Rating Reiterated at BMO Capital Markets

Incyte (NASDAQ:INCY)‘s stock had its “underperform” rating reissued by equities research analysts at BMO Capital Markets in a research note issued to investors on Tuesday, MarketBeat.com reports. They presently have a $48.00 price objective on the biopharmaceutical company’s stock, down from their previous price objective of $52.00. BMO Capital Markets’ target price suggests a potential downside of 21.14% from the stock’s previous close.

Several other analysts also recently issued reports on INCY. Oppenheimer cut their target price on shares of Incyte from $92.00 to $84.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 24th. StockNews.com lowered Incyte from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 2nd. Truist Financial restated a “buy” rating and set a $83.00 price objective (down from $84.00) on shares of Incyte in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft started coverage on Incyte in a report on Thursday, May 23rd. They issued a “hold” rating and a $55.00 target price on the stock. Finally, TD Cowen decreased their price target on shares of Incyte from $88.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Incyte currently has a consensus rating of “Hold” and an average price target of $73.44.

Incyte Stock Performance

INCY opened at $60.87 on Tuesday. The company has a quick ratio of 3.43, a current ratio of 3.47 and a debt-to-equity ratio of 0.01. The firm has a market cap of $13.67 billion, a PE ratio of 18.45, a P/E/G ratio of 1.31 and a beta of 0.73. The business has a fifty day simple moving average of $57.40 and a 200-day simple moving average of $58.71. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $67.36.

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

Insider Transactions at Incyte

In related news, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,274,458.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 sale, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at $3,982,620. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas Tray sold 1,093 shares of Incyte 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 in the company, valued at $1,274,458.94. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mariner LLC increased its position in Incyte by 12.4% during the third quarter. Mariner LLC now owns 8,202 shares of the biopharmaceutical company’s stock worth $474,000 after acquiring an additional 903 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Incyte by 44.9% during the third quarter. Tower Research Capital LLC TRC now owns 11,634 shares of the biopharmaceutical company’s stock valued at $672,000 after buying an additional 3,605 shares during the last quarter. Bank of Nova Scotia lifted its stake in shares of Incyte by 14.8% in the third quarter. Bank of Nova Scotia now owns 24,541 shares of the biopharmaceutical company’s stock valued at $1,418,000 after buying an additional 3,172 shares during the period. Lazard Asset Management LLC lifted its stake in shares of Incyte by 746.0% in the third quarter. Lazard Asset Management LLC now owns 99,298 shares of the biopharmaceutical company’s stock valued at $5,736,000 after buying an additional 87,560 shares during the period. Finally, Advisors Asset Management Inc. grew its position in Incyte by 2.9% during the third quarter. Advisors Asset Management Inc. now owns 23,688 shares of the biopharmaceutical company’s stock worth $1,368,000 after buying an additional 658 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.