Incyte (NASDAQ:INCY) Stock Dropped to Strong Sell by Zacks Research

Zacks Research lowered shares of Incyte (NASDAQ:INCY) from a hold rating to a strong sell rating in a report released on Wednesday morning,Zacks reports.

Other equities analysts have also issued reports about the company. BMO Capital Markets reaffirmed a “market perform” rating on shares of Incyte in a research note on Tuesday, September 1st. Guggenheim boosted their target price on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. UBS Group reiterated a “neutral” rating and set a $127.00 target price on shares of Incyte in a report on Monday, October 5th. TD Cowen raised shares of Incyte to a “strong-buy” rating in a research report on Monday, August 24th. Finally, Leerink Partners raised their price target on shares of Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $128.20.

Incyte Trading Up 1.5%

Shares of INCY opened at $113.27 on Wednesday. Incyte has a twelve month low of $84.02 and a twelve month high of $132.60. The firm has a market capitalization of $22.96 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 3.78 and a beta of 0.74. The stock’s fifty day simple moving average is $122.11 and its 200 day simple moving average is $110.75.

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

Insiders Place Their Bets

In related news, EVP Patrick Mayes sold 41,899 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 10,801 shares of the 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 sale, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This represents a 5.57% decrease in their ownership of the stock. 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 corporate insiders.

Institutional Investors Weigh In On Incyte

Several institutional investors and hedge funds have recently modified their holdings of the stock. Fiduciary Financial Advisors purchased a new stake in shares of Incyte during the 2nd quarter valued at about $26,000. Continuum Advisory LLC acquired a new position in Incyte during the 2nd quarter worth approximately $36,000. Quantbot Technologies LP acquired a new position in Incyte during the 2nd quarter worth approximately $52,000. Parkside Financial Bank & Trust boosted its holdings in Incyte by 49.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 727 shares of the biopharmaceutical company’s stock worth $82,000 after acquiring an additional 239 shares during the period. Finally, Contravisory Investment Management Inc. purchased a new position in Incyte in the 3rd quarter worth approximately $82,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

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.