Incyte Corp. (INCY) Lowered to “Hold” at Zacks Investment Research
Incyte Corp. (NASDAQ:INCY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Incyte's third-quarter results were encouraging with the company meeting estimates on both fronts. The company’s only approved product, Jakafi is well positioned and should continue to drive top-line growth. Encouraged by Jakafi’s strong performance, Incyte has raised Jakafi revenue expectations for 2016. Moreover, Incyte boasts an attractive pipeline, comprising quite a few interesting candidates. Incyte may gain another approved product in its portfolio in 2017 with baricitinib currently under review. We are also encouraged by Incyte’s association with several big companies like Novartis and Eli Lilly. The ARIAD deal is another positive as it is expected to be accretive to earnings from 2018. However, Incyte is highly dependent on a single product, Jakafi, for growth which has its inherent risks. Also, most of its pipeline candidates are in early-to-mid stages of development, which translates into a long way to approval.”
A number of other equities research analysts have also recently weighed in on INCY. Leerink Swann reiterated an “outperform” rating and set a $115.00 price target (up from $101.00) on shares of Incyte Corp. in a research report on Sunday, November 20th. BMO Capital Markets reissued an “outperform” rating and issued a $126.00 price objective (up previously from $121.00) on shares of Incyte Corp. in a research note on Saturday, November 19th. Jefferies Group reissued a “buy” rating on shares of Incyte Corp. in a research note on Tuesday, November 8th. JPMorgan Chase & Co. reissued a “buy” rating and issued a $101.00 price objective on shares of Incyte Corp. in a research note on Thursday, November 3rd. Finally, RBC Capital Markets set a $113.00 price objective on shares of Incyte Corp. and gave the company a “buy” rating in a research note on Monday, October 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $103.08.
Incyte Corp. (NASDAQ:INCY) traded up 0.81% on Tuesday, hitting $106.02. 422,243 shares of the company traded hands. The firm has a market capitalization of $19.97 billion, a P/E ratio of 142.50 and a beta of 0.79. The stock’s 50-day moving average is $94.75 and its 200 day moving average is $86.28. Incyte Corp. has a 12 month low of $55.00 and a 12 month high of $118.49.
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In other Incyte Corp. news, EVP Paula J. Swain sold 20,000 shares of the business’s stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $90.00, for a total transaction of $1,800,000.00. Following the sale, the executive vice president now directly owns 49,248 shares in the company, valued at approximately $4,432,320. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 24,204 shares of the business’s stock in a transaction on Friday, October 7th. The stock was sold at an average price of $97.00, for a total transaction of $2,347,788.00. Following the sale, the executive vice president now owns 13,595 shares in the company, valued at $1,318,715. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of INCY. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Incyte Corp. during the second quarter valued at approximately $104,000. Acrospire Investment Management LLC raised its stake in shares of Incyte Corp. by 18.2% in the second quarter. Acrospire Investment Management LLC now owns 1,300 shares of the biopharmaceutical company’s stock valued at $104,000 after buying an additional 200 shares during the last quarter. Seven Eight Capital LLC acquired a new stake in Incyte Corp. during the first quarter valued at approximately $113,000. Walleye Trading LLC acquired a new stake in Incyte Corp. during the second quarter valued at approximately $120,000. Finally, Fifth Third Bancorp raised its stake in Incyte Corp. by 16.2% in the second quarter. Fifth Third Bancorp now owns 1,678 shares of the biopharmaceutical company’s stock valued at $134,000 after buying an additional 234 shares in the last quarter. Institutional investors own 91.97% of the company’s stock.
Incyte Corp. Company Profile
Incyte Corporation is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapeutics to treat medical needs, primarily in oncology. The Company focuses on the research and development program to explore the inhibition of enzymes called janus associated kinases (JAK).
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