Incyte (NASDAQ:INCY) Rating Lowered to “Neutral” at Guggenheim

Incyte (NASDAQ:INCY) was downgraded by stock analysts at Guggenheim from a “buy” rating to a “neutral” rating in a research report issued on Tuesday,Finviz reports.

INCY has been the topic of a number of other reports. Wells Fargo & Company lifted their price target on Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, December 19th. JMP Securities restated a “market perform” rating on shares of Incyte in a research report on Tuesday, February 11th. StockNews.com downgraded Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Royal Bank of Canada lowered their price objective on Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 11th. Finally, William Blair downgraded Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $75.25.

Incyte Stock Down 8.6 %

Shares of NASDAQ INCY opened at $62.01 on Tuesday. The stock’s fifty day moving average is $71.55 and its 200 day moving average is $70.31. Incyte has a 52 week low of $50.35 and a 52 week high of $83.95. The stock has a market capitalization of $12.00 billion, a P/E ratio of 229.68, a PEG ratio of 0.41 and a beta of 0.76. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97.

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

Insider Activity

In other news, EVP Sheila A. Denton sold 14,069 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was 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. The trade was a 35.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Steven H. Stein sold 12,352 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value 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. This represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,020 shares of company stock worth $1,981,882 over the last quarter. 17.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Quintet Private Bank Europe S.A. purchased a new position in shares of Incyte during the fourth quarter valued at approximately $26,000. Global X Japan Co. Ltd. boosted its position in shares of Incyte by 144.7% during the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 230 shares during the last quarter. R Squared Ltd purchased a new position in shares of Incyte during the fourth quarter valued at approximately $30,000. Brooklyn Investment Group purchased a new position in shares of Incyte during the third quarter valued at approximately $30,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Incyte during the third quarter valued at approximately $33,000. Hedge funds and other 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.