Incyte (NASDAQ:INCY) Cut to Hold at Jefferies Financial Group

Jefferies Financial Group downgraded shares of Incyte (NASDAQ:INCY) from a buy rating to a hold rating in a report issued on Monday, Marketbeat.com reports. The firm currently has $94.00 price target on the biopharmaceutical company’s stock, down from their prior price target of $120.00.

Several other brokerages also recently commented on INCY. Piper Sandler upped their price objective on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Wall Street Zen downgraded Incyte from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 14th. The Goldman Sachs Group reissued a “neutral” rating and set a $90.00 target price on shares of Incyte in a research note on Thursday, January 8th. Wells Fargo & Company cut their price target on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 11th. Finally, Royal Bank Of Canada reduced their price target on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 11th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $103.44.

Incyte Stock Down 2.1%

Shares of NASDAQ INCY opened at $92.24 on Monday. Incyte has a 1 year low of $53.56 and a 1 year high of $112.29. The firm has a 50-day simple moving average of $100.99 and a two-hundred day simple moving average of $96.75. The company has a market cap of $18.36 billion, a P/E ratio of 14.39, a PEG ratio of 0.75 and a beta of 0.84. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25.

Incyte (NASDAQ:INCY) last released 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). Incyte had a net margin of 25.03% and a return on equity of 26.34%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the prior year, the company posted $1.43 EPS. The company’s quarterly revenue was up 27.8% compared to the same quarter last year. Research analysts anticipate that Incyte will post 4.86 earnings per share for the current year.

Insider Buying and Selling at Incyte

In related news, insider Thomas Tray sold 2,774 shares of Incyte stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $100.00, for a total value of $277,400.00. Following the completion of the sale, the insider directly owned 22,973 shares in the company, valued at $2,297,300. The trade was a 10.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the company’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the completion of the sale, the executive vice president directly owned 66,132 shares of the company’s stock, valued at approximately $7,213,017.24. This trade represents a 14.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 17.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC boosted its stake in shares of Incyte by 369.3% during the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock valued at $763,000 after purchasing an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Incyte by 15.1% in the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after buying an additional 648 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Incyte by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after buying an additional 48,751 shares during the period. United Services Automobile Association purchased a new stake in Incyte during the first quarter worth $219,000. Finally, Focus Partners Wealth boosted its position in Incyte by 74.1% during the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after acquiring an additional 8,951 shares in 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.