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

Incyte (NASDAQ:INCY) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Friday.

Several other research analysts have also recently commented on the stock. Wells Fargo & Company raised their target price on shares of Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. Morgan Stanley upped their target price on Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research report on Tuesday, November 19th. Finally, Oppenheimer boosted their price target on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $76.13.

Incyte Stock Performance

INCY opened at $68.55 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The business has a fifty day simple moving average of $72.14 and a 200 day simple moving average of $66.24. Incyte has a 1 year low of $50.35 and a 1 year high of $83.95. The company has a market capitalization of $13.21 billion, a PE ratio of 489.64, a price-to-earnings-growth ratio of 8.36 and a beta of 0.69.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the firm posted $0.91 EPS. The company’s revenue was up 23.8% compared to the same quarter last year. Research analysts expect that Incyte will post 0.4 EPS for the current year.

Insider Buying and Selling

In other news, EVP Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were 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 owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 3,680 shares of Incyte 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 transaction, the executive vice president now owns 58,042 shares in the company, valued at approximately $4,624,786.56. This trade represents a 5.96 % decrease in their position. The disclosure for this sale can be found here. 17.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. MFA Wealth Advisors LLC acquired a new stake in shares of Incyte in the second quarter valued at about $26,000. Brooklyn Investment Group bought a new stake in Incyte in the third quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Incyte during the 3rd quarter valued at approximately $33,000. Innealta Capital LLC bought a new position in Incyte during the 2nd quarter worth approximately $32,000. Finally, Cromwell Holdings LLC raised its holdings in Incyte by 101.1% during the 3rd quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 283 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

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.