Incyte (NASDAQ:INCY) Lowered to “Buy” at StockNews.com

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

INCY has been the subject of a number of other reports. Truist Financial reissued a buy rating and issued a $83.00 price target (down from $84.00) on shares of Incyte in a report on Wednesday. Jefferies Financial Group assumed coverage on shares of Incyte in a research note on Friday, February 23rd. They set a buy rating and a $81.00 price target for the company. Stifel Nicolaus increased their target price on Incyte from $67.00 to $68.00 and gave the stock a hold rating in a report on Wednesday, February 14th. BMO Capital Markets reduced their price target on shares of Incyte from $56.00 to $52.00 and set a market perform rating on the stock in a research report on Wednesday. Finally, William Blair reissued an outperform rating on shares of Incyte in a research note on Tuesday, February 6th. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Incyte has an average rating of Moderate Buy and an average target price of $74.93.

Incyte Stock Performance

Shares of INCY stock traded up $0.67 during trading on Thursday, reaching $53.76. The company had a trading volume of 1,407,391 shares, compared to its average volume of 2,018,156. Incyte has a one year low of $50.27 and a one year high of $67.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.47 and a quick ratio of 3.36. The firm’s 50 day simple moving average is $56.23 and its two-hundred day simple moving average is $57.58. The company has a market capitalization of $12.07 billion, a PE ratio of 16.29, a PEG ratio of 1.25 and a beta of 0.69.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Incyte had a return on equity of 12.83% and a net margin of 19.78%. The firm’s revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 EPS. Sell-side analysts forecast that Incyte will post 3.78 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Cape Investment Advisory Inc. bought a new stake in shares of Incyte in the fourth quarter worth about $25,000. Larson Financial Group LLC lifted its holdings in Incyte by 4,220.0% in the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 422 shares during the period. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Incyte in the 4th quarter worth approximately $31,000. Redmont Wealth Advisors LLC purchased a new position in shares of Incyte during the first quarter valued at approximately $28,000. Finally, Riverview Trust Co bought a new position in shares of Incyte during the first quarter valued at approximately $29,000. 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.