Incyte (NASDAQ:INCY) Lowered to Market Perform Rating by William Blair

William Blair downgraded shares of Incyte (NASDAQ:INCY) from an outperform rating to a market perform rating in a research report released on Tuesday, MarketBeat reports.

A number of other equities research analysts have also recently weighed in on the stock. Citigroup dropped their price target on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. Wells Fargo & Company lifted their price target on shares of Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, December 19th. Stifel Nicolaus lifted their price target on shares of Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research report on Monday, February 10th. JMP Securities reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, February 11th. Finally, Royal Bank of Canada dropped their price target on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $75.13.

Incyte Price Performance

Incyte stock opened at $60.00 on Tuesday. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95. The stock has a market cap of $11.61 billion, a P/E ratio of 222.23, a PEG ratio of 0.41 and a beta of 0.76. The company has a 50-day moving average price of $71.29 and a 200 day moving average price of $70.27. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. Sell-side analysts anticipate that Incyte will post 4.86 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now owns 33,567 shares in the company, valued at $2,272,150.23. The trade was a 37.11 % 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. Also, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the transaction, the executive vice president now owns 66,967 shares of the company’s stock, valued at $4,867,831.23. This represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,827 shares of company stock worth $3,322,618 over the last 90 days. 17.60% of the stock is owned by insiders.

Institutional Trading of Incyte

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quintet Private Bank Europe S.A. acquired a new stake in Incyte during the fourth quarter worth approximately $26,000. Global X Japan Co. Ltd. raised its holdings in Incyte by 144.7% during the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 230 shares in the last quarter. Brooklyn Investment Group acquired a new stake in Incyte during the third quarter worth approximately $30,000. R Squared Ltd acquired a new stake in Incyte during the fourth quarter worth approximately $30,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Incyte during the third quarter worth approximately $33,000. 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.