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

Incyte (NASDAQ:INCY) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Wednesday.

A number of other analysts have also recently commented on the company. JPMorgan Chase & Co. lifted their price target on Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their price target on Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. Citigroup lowered their price target on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Incyte currently has an average rating of “Hold” and an average price target of $75.59.

Incyte Trading Down 2.9 %

Shares of NASDAQ:INCY opened at $66.33 on Wednesday. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95. The business’s fifty day simple moving average is $71.69 and its 200-day simple moving average is $69.18. The company has a market capitalization of $12.78 billion, a PE ratio of 473.82, a P/E/G ratio of 0.53 and a beta of 0.70. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. As a group, equities research analysts predict that Incyte will post 0.35 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the sale, the executive vice president now owns 30,658 shares in the company, valued at $2,311,000.04. This trade represents a 16.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas Tray sold 650 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $69.31, for a total value of $45,051.50. Following the sale, the insider now owns 23,312 shares of the company’s stock, valued at approximately $1,615,754.72. This trade represents a 2.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,695 shares of company stock valued at $1,444,356 over the last quarter. Company insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. bought a new stake in shares of Incyte in the 3rd quarter worth approximately $156,611,000. Mizuho Securities USA LLC lifted its holdings in shares of Incyte by 13,814.7% in the 3rd quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock worth $132,207,000 after purchasing an additional 1,985,726 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Incyte by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,643,067 shares of the biopharmaceutical company’s stock worth $113,487,000 after purchasing an additional 33,847 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Incyte by 5.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock worth $83,680,000 after purchasing an additional 70,596 shares during the last quarter. Finally, Sound Shore Management Inc. CT lifted its holdings in shares of Incyte by 98.4% in the 4th quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company’s stock worth $82,959,000 after purchasing an additional 595,741 shares during 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.