Incyte (NASDAQ:INCY) Receives Market Perform Rating from JMP Securities

JMP Securities reiterated their market perform rating on shares of Incyte (NASDAQ:INCY) in a report released on Tuesday morning, Benzinga reports.

A number of other research analysts also recently issued reports on the stock. Royal Bank of Canada reaffirmed a sector perform rating and issued a $67.00 price objective on shares of Incyte in a research report on Tuesday, September 3rd. Bank of America lifted their price target on shares of Incyte from $66.00 to $68.00 and gave the stock a neutral rating in a report on Monday. Oppenheimer decreased their price objective on Incyte from $84.00 to $81.00 and set an outperform rating for the company in a report on Friday, July 26th. Citigroup raised their price objective on Incyte from $80.00 to $88.00 and gave the stock a buy rating in a research report on Wednesday, July 31st. Finally, Cantor Fitzgerald reaffirmed a neutral rating on shares of Incyte in a research report on Monday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $73.76.

Incyte Stock Up 0.0 %

Incyte stock opened at $66.43 on Tuesday. Incyte has a twelve month low of $50.27 and a twelve month high of $70.36. The business has a fifty day moving average of $64.14 and a two-hundred day moving average of $59.66. The firm has a market cap of $14.92 billion, a P/E ratio of 20.13, a P/E/G ratio of 5.03 and a beta of 0.73. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter last year, the company earned $0.77 earnings per share. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. On average, analysts forecast that Incyte will post 0.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Thomas Tray sold 572 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Thomas Tray sold 572 shares of the company’s 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 sale, the insider now owns 24,825 shares in the company, valued at $1,562,485.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction dated 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 directly owns 36,390 shares in the company, valued at $2,269,280.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,047 shares of company stock valued at $2,225,626. 17.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Incyte

Large investors have recently made changes to their positions in the company. Pacer Advisors Inc. increased its holdings in Incyte by 17,460.4% in the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after buying an additional 2,676,851 shares in the last quarter. Norges Bank acquired a new stake in shares of Incyte during the 4th quarter valued at about $123,253,000. AQR Capital Management LLC increased its stake in shares of Incyte by 70.5% in the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after purchasing an additional 1,101,041 shares in the last quarter. KBC Group NV raised its holdings in Incyte by 842.2% in the 4th quarter. KBC Group NV now owns 955,749 shares of the biopharmaceutical company’s stock worth $60,011,000 after purchasing an additional 854,311 shares during the period. Finally, Acadian Asset Management LLC boosted its position in Incyte by 28.0% during the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock worth $215,833,000 after purchasing an additional 779,243 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.