Incyte (NASDAQ:INCY) Lowered to Neutral Rating by Guggenheim

Guggenheim downgraded shares of Incyte (NASDAQ:INCY) from a buy rating to a neutral rating in a research report report published on Tuesday, MarketBeat reports. The firm currently has $92.00 price objective on the biopharmaceutical company’s stock.

Several other analysts have also issued reports on INCY. Citigroup dropped their price target on shares of Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Stifel Nicolaus upped their price target on shares of Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research report on Monday, February 10th. Finally, UBS Group initiated coverage on shares of Incyte in a research report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price target on the stock. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $75.13.

Incyte Stock Performance

Shares of INCY opened at $60.00 on Tuesday. Incyte has a 12 month low of $50.35 and a 12 month high of $83.95. The firm has a fifty day simple moving average of $71.29 and a 200 day simple moving average of $70.27. The stock has a market capitalization of $11.61 billion, a price-to-earnings ratio of 222.23, a PEG ratio of 0.41 and a beta of 0.76. 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 announced its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 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%. Research analysts forecast that Incyte will post 4.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Sheila A. Denton sold 14,069 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the sale, the executive vice president now owns 25,848 shares in the company, valued at $1,914,561.36. This trade represents a 35.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Steven H. Stein sold 12,352 shares of the firm’s 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 sale, the executive vice president now owns 66,967 shares of the company’s stock, valued at approximately $4,867,831.23. The trade was a 15.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,827 shares of company stock valued at $3,322,618 in the last 90 days. 17.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. CWA Asset Management Group LLC purchased a new position in shares of Incyte during the 4th quarter valued at $1,933,000. Orion Portfolio Solutions LLC purchased a new position in shares of Incyte during the 3rd quarter valued at $770,000. Tri Ri Asset Management Corp bought a new stake in shares of Incyte during the 3rd quarter worth $3,292,000. Cypress Capital Group bought a new stake in shares of Incyte during the 3rd quarter worth $971,000. Finally, Bridgewater Associates LP lifted its holdings in shares of Incyte by 142.8% during the 3rd quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company’s stock worth $20,401,000 after acquiring an additional 181,504 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.