StockNews.com Lowers Incyte (NASDAQ:INCY) to Buy

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

Several other equities research analysts have also recently weighed in on INCY. Truist Financial reiterated a buy rating and set a $83.00 price objective (down from $84.00) on shares of Incyte in a research report on Wednesday, May 1st. JMP Securities cut Incyte from an outperform rating to a market perform rating in a research note on Wednesday, February 14th. William Blair restated an outperform rating on shares of Incyte in a report on Tuesday, February 6th. Cantor Fitzgerald initiated coverage on shares of Incyte in a research note on Tuesday, April 23rd. They issued a neutral rating for the company. Finally, Stifel Nicolaus raised their price target on shares of Incyte from $67.00 to $68.00 and gave the stock a hold rating in a report on Wednesday, February 14th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $74.93.

Incyte Trading Up 0.6 %

Shares of Incyte stock traded up $0.32 on Thursday, hitting $54.08. The stock had a trading volume of 2,016,047 shares, compared to its average volume of 1,796,320. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.43 and a current ratio of 3.47. Incyte has a twelve month low of $50.27 and a twelve month high of $67.36. The stock has a 50 day moving average of $56.09 and a 200 day moving average of $57.56. The firm has a market capitalization of $12.14 billion, a P/E ratio of 16.29, a PEG ratio of 1.35 and a beta of 0.69.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.09). The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Incyte had a return on equity of 12.83% and a net margin of 19.78%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.44 EPS. Sell-side analysts expect that Incyte will post 3.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC lifted its stake in Incyte by 12.3% during the third quarter. Commonwealth Equity Services LLC now owns 20,009 shares of the biopharmaceutical company’s stock worth $1,156,000 after purchasing an additional 2,197 shares during the last quarter. Xponance Inc. grew its holdings in shares of Incyte by 1.7% during the 3rd quarter. Xponance Inc. now owns 39,576 shares of the biopharmaceutical company’s stock valued at $2,286,000 after purchasing an additional 667 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in Incyte by 100.4% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 25,097 shares of the biopharmaceutical company’s stock worth $1,450,000 after purchasing an additional 12,576 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Incyte by 95.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 250,077 shares of the biopharmaceutical company’s stock valued at $14,447,000 after acquiring an additional 122,045 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in Incyte by 10.7% in the 3rd quarter. Mackenzie Financial Corp now owns 328,211 shares of the biopharmaceutical company’s stock worth $19,220,000 after purchasing an additional 31,750 shares during the period. 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.