Guggenheim Downgrades Incyte (NASDAQ:INCY) to Neutral

Incyte (NASDAQ:INCY) was downgraded by Guggenheim from a “buy” rating to a “neutral” rating in a report released on Tuesday, Marketbeat reports. They currently have a $92.00 target price on the biopharmaceutical company’s stock. Guggenheim’s price objective would suggest a potential upside of 52.47% from the company’s previous close.

A number of other equities analysts also recently issued reports on INCY. UBS Group began coverage on shares of Incyte in a report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. Royal Bank of Canada cut their price objective on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 11th. StockNews.com downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Finally, JMP Securities reissued a “market perform” rating on shares of Incyte in a report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $75.13.

Incyte Stock Performance

Shares of INCY stock opened at $60.34 on Tuesday. The firm has a market capitalization of $11.68 billion, a PE ratio of 223.49, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. The firm has a fifty day simple moving average of $71.03 and a two-hundred day simple moving average of $70.20. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. Incyte has a 12 month low of $50.35 and a 12 month high of $83.95.

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%. Analysts forecast that Incyte will post 4.86 EPS for the current fiscal year.

Insider Activity

In other news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the sale, the executive vice president now owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. This represents a 2.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the sale, the executive vice president now directly owns 33,567 shares of the company’s stock, valued at approximately $2,272,150.23. This trade represents a 37.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,827 shares of company stock worth $3,322,618 over the last ninety days. Company insiders own 17.60% of the company’s stock.

Institutional Trading of Incyte

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in Incyte by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company’s stock worth $278,346,000 after acquiring an additional 103,910 shares during the period. AQR Capital Management LLC raised its holdings in Incyte by 29.7% in the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company’s stock worth $241,519,000 after purchasing an additional 801,090 shares in the last quarter. LSV Asset Management raised its holdings in Incyte by 18.6% in the fourth quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company’s stock worth $239,500,000 after purchasing an additional 544,080 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Incyte in the third quarter worth $156,611,000. Finally, Bellevue Group AG raised its holdings in Incyte by 0.3% in the fourth quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company’s stock worth $149,017,000 after purchasing an additional 6,927 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.