Incyte (NASDAQ:INCY) Stock Gets Downgrade from Zacks Research

Incyte (NASDAQ:INCY) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday, Zacks reports.

Other analysts have also recently issued research reports about the company. Barclays increased their target price on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Piper Sandler boosted their price target on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Royal Bank Of Canada upped their price target on Incyte from $109.00 to $114.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 8th. Benchmark reaffirmed a “buy” rating on shares of Incyte in a report on Tuesday. Finally, Wall Street Zen lowered shares of Incyte from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $128.20.

Incyte Stock Performance

Shares of Incyte stock opened at $113.27 on Wednesday. The company has a market capitalization of $22.96 billion, a P/E ratio of 14.43, a P/E/G ratio of 3.78 and a beta of 0.74. The company has a fifty day moving average of $122.11 and a 200 day moving average of $110.75. Incyte has a fifty-two week low of $84.02 and a fifty-two week high of $132.60.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period last year, the firm earned $1.57 earnings per share. The business’s quarterly revenue was up 37.7% on a year-over-year basis. Analysts forecast that Incyte will post 2.40 EPS for the current year.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This trade represents a 5.57% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the sale, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This represents a 40.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Incyte

Several institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. boosted its holdings in shares of Incyte by 1,555.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 121,825 shares of the biopharmaceutical company’s stock worth $14,783,000 after purchasing an additional 114,467 shares during the period. Curated Wealth Partners LLC bought a new position in shares of Incyte during the 3rd quarter valued at approximately $782,000. SBE LLC DBA Cedar Cove Wealth Partners bought a new position in shares of Incyte during the 3rd quarter valued at approximately $349,000. Mather Group LLC. raised its holdings in Incyte by 13.5% during the 3rd quarter. Mather Group LLC. now owns 1,157 shares of the biopharmaceutical company’s stock valued at $140,000 after buying an additional 138 shares during the period. Finally, Sanders Morris Harris LLC purchased a new stake in Incyte during the 3rd quarter valued at $607,000. Institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.