Incyte (NASDAQ:INCY) Receives “Underperform” Rating from BMO Capital Markets

BMO Capital Markets restated their underperform rating on shares of Incyte (NASDAQ:INCY) in a research note published on Tuesday morning, MarketBeat.com reports. The firm currently has a $48.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $52.00.

Other equities research analysts also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Incyte in a report on Thursday, May 23rd. They issued a hold rating and a $55.00 price target on the stock. Cantor Fitzgerald reissued a neutral rating on shares of Incyte in a research note on Tuesday, June 18th. Royal Bank of Canada reissued a sector perform rating and set a $65.00 price target on shares of Incyte in a research note on Monday, March 25th. Truist Financial restated a buy rating and issued a $83.00 target price (down previously from $84.00) on shares of Incyte in a report on Wednesday, May 1st. Finally, 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 report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $73.44.

Incyte Price Performance

INCY opened at $59.02 on Tuesday. The firm has a market cap of $13.25 billion, a P/E ratio of 17.88, a PEG ratio of 1.31 and a beta of 0.73. The firm has a 50-day moving average of $57.58 and a 200 day moving average of $58.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.43 and a current ratio of 3.47. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $67.36.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.31). The business had revenue of $880.89 million for the quarter, compared to the consensus estimate of $935.85 million. Incyte had a return on equity of 12.83% and a net margin of 19.78%. On average, research analysts expect that Incyte will post 3.57 EPS for the current year.

Insider Activity at Incyte

In other news, EVP Barry P. Flannelly sold 19,164 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the completion of the transaction, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at approximately $3,982,620. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Incyte news, EVP Barry P. Flannelly sold 19,164 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the transaction, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at approximately $3,982,620. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas Tray sold 1,093 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total value of $64,388.63. Following the sale, the insider now directly owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The disclosure for this sale can be found here. Company insiders own 17.50% of the company’s stock.

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently modified their holdings of INCY. Vanguard Group Inc. lifted its stake in shares of Incyte by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock worth $1,294,120,000 after purchasing an additional 196,440 shares during the period. LSV Asset Management raised its position in Incyte by 2.3% in the first quarter. LSV Asset Management now owns 2,754,777 shares of the biopharmaceutical company’s stock valued at $156,940,000 after purchasing an additional 62,950 shares during the period. Jacobs Levy Equity Management Inc. raised its position in Incyte by 7.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,514,634 shares of the biopharmaceutical company’s stock valued at $143,259,000 after purchasing an additional 177,852 shares during the period. Norges Bank acquired a new stake in shares of Incyte during the fourth quarter valued at about $123,253,000. Finally, Los Angeles Capital Management LLC grew its stake in shares of Incyte by 37.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,570,296 shares of the biopharmaceutical company’s stock valued at $98,599,000 after acquiring an additional 424,934 shares in the last quarter. 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.