William Blair Downgrades Incyte (NASDAQ:INCY) to Market Perform

William Blair cut shares of Incyte (NASDAQ:INCY) from an outperform rating to a market perform rating in a research note issued to investors on Tuesday morning, Marketbeat.com reports.

A number of other equities analysts have also recently commented on the stock. Stifel Nicolaus lifted their target price on shares of Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a report on Monday, February 10th. StockNews.com cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Friday, January 10th. Citigroup dropped their price objective on shares of Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research note on Tuesday, February 11th. Finally, Royal Bank of Canada dropped their price objective on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $75.13.

Incyte Stock Performance

Shares of Incyte stock opened at $60.00 on Tuesday. The firm’s fifty day simple moving average is $71.29 and its 200-day simple moving average is $70.27. The stock has a market capitalization of $11.61 billion, a price-to-earnings ratio of 222.23, a PEG ratio of 0.41 and a beta of 0.76. Incyte has a 12 month low of $50.35 and a 12 month high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94.

Incyte (NASDAQ:INCY) last announced its 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%. As a group, equities analysts forecast that Incyte will post 4.86 earnings per share for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Sheila A. Denton sold 14,069 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the transaction, the executive vice president now directly owns 25,848 shares in the company, valued at approximately $1,914,561.36. This trade represents a 35.25 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Steven H. Stein sold 12,352 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the transaction, the executive vice president now owns 66,967 shares of the company’s stock, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,827 shares of company stock worth $3,322,618. Corporate insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Hedge funds have recently added to or reduced their stakes in the business. CWA Asset Management Group LLC purchased a new position in Incyte during the 4th quarter valued at about $1,933,000. Orion Portfolio Solutions LLC purchased a new position in Incyte during the 3rd quarter valued at about $770,000. Tri Ri Asset Management Corp purchased a new position in Incyte during the 3rd quarter valued at about $3,292,000. Cypress Capital Group purchased a new position in Incyte during the 3rd quarter valued at about $971,000. Finally, Bridgewater Associates LP lifted its holdings in Incyte by 142.8% in the 3rd quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company’s stock valued at $20,401,000 after purchasing an additional 181,504 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.