Cantor Fitzgerald Reiterates “Neutral” Rating for Incyte (NASDAQ:INCY)

Incyte (NASDAQ:INCY)‘s stock had its “neutral” rating reaffirmed by Cantor Fitzgerald in a research note issued on Tuesday,Benzinga reports.

A number of other analysts also recently weighed in on the company. BMO Capital Markets restated an “underperform” rating and issued a $52.00 price target (up from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. JMP Securities restated a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. Citigroup increased their price target on shares of Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. The Goldman Sachs Group raised their price objective on shares of Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Wolfe Research assumed coverage on shares of Incyte in a research report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 target price on the stock. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Incyte currently has a consensus rating of “Hold” and a consensus target price of $77.16.

Incyte Stock Down 10.9 %

Shares of Incyte stock opened at $68.60 on Tuesday. The company has a market cap of $13.22 billion, a P/E ratio of 490.04, a PEG ratio of 8.75 and a beta of 0.71. The firm has a fifty day moving average of $69.28 and a two-hundred day moving average of $64.07. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. Incyte has a one year low of $50.35 and a one year high of $83.95.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the prior year, the company earned $0.91 earnings per share. The company’s revenue for the quarter was up 23.8% on a year-over-year basis. On average, analysts forecast that Incyte will post 0.4 earnings per share for the current year.

Insider Transactions at Incyte

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 18.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total value of $293,222.40. Following the completion of the sale, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This represents a 5.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,702 shares of company stock worth $856,166 over the last ninety days. 17.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Haverford Trust Co raised its holdings in Incyte by 1.8% in the third quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock valued at $515,000 after buying an additional 135 shares during the period. V Square Quantitative Management LLC lifted its holdings in shares of Incyte by 4.1% during the 3rd quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock valued at $262,000 after acquiring an additional 155 shares in the last quarter. Deseret Mutual Benefit Administrators boosted its position in Incyte by 37.1% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 164 shares during the period. Moody National Bank Trust Division increased its holdings in Incyte by 1.3% in the 2nd quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock valued at $861,000 after purchasing an additional 179 shares in the last quarter. Finally, Ballentine Partners LLC raised its position in Incyte by 4.0% in the second quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock valued at $287,000 after purchasing an additional 182 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.