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

StockNews.com downgraded shares of Incyte (NASDAQ:INCY) from a strong-buy rating to a buy rating in a report released on Wednesday.

INCY has been the topic of a number of other research reports. BMO Capital Markets reiterated an “underperform” rating and set a $52.00 price objective (up previously from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Friday, December 13th. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and boosted their price target for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. Morgan Stanley raised their price objective on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Finally, UBS Group initiated coverage on shares of Incyte in a report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $75.59.

Incyte Trading Up 4.1 %

Shares of INCY opened at $69.05 on Wednesday. The firm’s fifty day moving average is $71.58 and its two-hundred day moving average is $69.16. The stock has a market cap of $13.30 billion, a PE ratio of 493.25, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte has a 52-week low of $50.35 and a 52-week high of $83.95.

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

Insider Buying and Selling

In related news, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the transaction, the executive vice president now owns 30,658 shares in the company, valued at approximately $2,311,000.04. The trade was a 16.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Thomas Tray sold 650 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $70.64, for a total transaction of $45,916.00. Following the sale, the insider now owns 23,962 shares in the company, valued at approximately $1,692,675.68. This trade represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,695 shares of company stock valued at $1,444,356. Corporate insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of INCY. Quintet Private Bank Europe S.A. acquired a new position in shares of Incyte during the fourth quarter worth about $26,000. Global X Japan Co. Ltd. grew its holdings in Incyte by 144.7% during the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 230 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Incyte in the 3rd quarter valued at approximately $30,000. R Squared Ltd acquired a new stake in shares of Incyte in the 4th quarter valued at $30,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Incyte during the 3rd quarter worth $33,000. 96.97% of the stock is owned by institutional investors and hedge funds.

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.