StockNews.com Downgrades Incyte (NASDAQ:INCY) to Buy

Incyte (NASDAQ:INCY) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

A number of other equities research analysts also recently issued reports on INCY. Bank of America raised Incyte from a “neutral” rating to a “buy” rating and boosted their price target for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. Citigroup increased their target price on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Royal Bank of Canada increased their price objective on shares of Incyte from $72.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 14th. Finally, Wells Fargo & Company lifted their target price on shares of Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $77.16.

Incyte Price Performance

Shares of INCY traded up $0.49 during trading hours on Wednesday, reaching $71.05. 2,312,364 shares of the company traded hands, compared to its average volume of 2,377,626. The stock has a market capitalization of $13.69 billion, a PE ratio of 507.54, a price-to-earnings-growth ratio of 8.75 and a beta of 0.71. The stock has a fifty day simple moving average of $69.59 and a 200 day simple moving average of $64.24. Incyte has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business 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 EPS. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, research analysts predict that Incyte will post 0.4 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Incyte

Large investors have recently added to or reduced their stakes in the business. Toronto Dominion Bank grew its stake in shares of Incyte by 16.9% in the third quarter. Toronto Dominion Bank now owns 54,084 shares of the biopharmaceutical company’s stock worth $3,575,000 after purchasing an additional 7,812 shares in the last quarter. Coldstream Capital Management Inc. acquired a new stake in Incyte in the third quarter worth about $302,000. Barclays PLC grew its position in Incyte by 8.1% in the 3rd quarter. Barclays PLC now owns 1,031,932 shares of the biopharmaceutical company’s stock valued at $68,208,000 after buying an additional 77,542 shares in the last quarter. Groupama Asset Managment increased its stake in Incyte by 11.4% during the 3rd quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 6,105 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its position in shares of Incyte by 14.4% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 76,955 shares of the biopharmaceutical company’s stock worth $5,087,000 after buying an additional 9,675 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.