Incyte (NASDAQ:INCY) Cut to Buy at StockNews.com

StockNews.com cut shares of Incyte (NASDAQ:INCY) from a strong-buy rating to a buy rating in a report issued on Friday morning.

Several other analysts have also issued reports on the company. JMP Securities reissued a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. Wells Fargo & Company boosted their price objective on Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Tuesday, November 19th. Royal Bank of Canada upped their price target on shares of Incyte from $72.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 14th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $76.13.

Incyte Stock Performance

INCY opened at $68.55 on Friday. The company’s 50 day moving average is $72.14 and its 200 day moving average is $66.31. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The company has a market cap of $13.21 billion, a price-to-earnings ratio of 489.64, a PEG ratio of 8.36 and a beta of 0.69. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The company’s revenue was up 23.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 EPS. On average, equities research analysts predict that Incyte will post 0.4 EPS for the current year.

Insider Activity

In other news, EVP Vijay K. Iyengar sold 6,043 shares of the 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 transaction, the executive vice president now directly owns 30,658 shares in the company, valued at approximately $2,311,000.04. This represents a 16.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 3,680 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the sale, the executive vice president now owns 58,042 shares in the company, valued at $4,624,786.56. This represents a 5.96 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in INCY. MFA Wealth Advisors LLC bought a new stake in shares of Incyte in the 2nd quarter valued at approximately $26,000. Brooklyn Investment Group purchased a new stake in Incyte during the 3rd quarter valued at $30,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Incyte in the third quarter worth $33,000. Innealta Capital LLC purchased a new position in Incyte during the second quarter worth $32,000. Finally, Cromwell Holdings LLC increased its position in Incyte by 101.1% during the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock valued at $37,000 after acquiring an additional 283 shares during the last quarter. Institutional investors 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.