Incyte (NASDAQ:INCY) Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of Incyte (NASDAQ:INCY) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday.

A number of other equities research analysts have also recently weighed in on the stock. TD Cowen restated a “buy” rating on shares of Incyte in a report on Tuesday, January 13th. Zacks Research cut Incyte from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. Stifel Nicolaus upped their price target on Incyte from $119.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Barclays upped their price target on Incyte from $115.00 to $116.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 4th. Finally, Mizuho set a $121.00 price objective on Incyte and gave the company an “outperform” rating in a research note on Monday, December 8th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $103.94.

Incyte Price Performance

Shares of INCY stock opened at $101.10 on Friday. The business’s fifty day moving average is $101.81 and its 200 day moving average is $94.49. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The stock has a market cap of $20.12 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 0.80 and a beta of 0.82. Incyte has a twelve month low of $53.56 and a twelve month high of $112.29.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The business’s quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.43 EPS. Research analysts expect that Incyte will post 4.86 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Thomas Tray sold 2,774 shares of the stock in a transaction on Friday, December 19th. The stock was sold at an average price of $100.00, for a total transaction of $277,400.00. Following the sale, the insider directly owned 22,973 shares of the company’s stock, valued at $2,297,300. This trade represents a 10.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Michael James Morrissey sold 4,323 shares of the business’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total value of $420,454.98. Following the completion of the transaction, the executive vice president directly owned 27,507 shares of the company’s stock, valued at approximately $2,675,330.82. This trade represents a 13.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 95,225 shares of company stock valued at $9,519,745. 17.80% of the stock is currently owned by company insiders.

Institutional Trading of Incyte

Institutional investors have recently made changes to their positions in the stock. Jacobi Capital Management LLC boosted its holdings in Incyte by 0.9% in the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after purchasing an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Incyte by 0.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after buying an additional 100 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of Incyte by 7.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after buying an additional 113 shares during the last quarter. Bank of Nova Scotia grew its holdings in shares of Incyte by 0.7% in the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after acquiring an additional 124 shares during the period. Finally, MAI Capital Management increased its position in Incyte by 19.9% during the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock valued at $51,000 after acquiring an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.