Incyte (NASDAQ:INCY) Stock Rating Lowered by Wall Street Zen

by · The Markets Daily

Incyte (NASDAQ:INCY – Get Free Report) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

A number of other brokerages have also commented on INCY. Guggenheim raised their price target on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Wells Fargo & Company boosted their price objective on shares of Incyte from $116.00 to $128.00 and gave the company an “equal weight” rating in a research report on Thursday, October 1st. Morgan Stanley set a $119.00 price objective on shares of Incyte in a report on Wednesday, July 29th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research report on Friday, September 11th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $104.00 target price on shares of Incyte in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $127.70.

Get Our Latest Report on INCY

Incyte Price Performance

INCY opened at $112.79 on Friday. Incyte has a one year low of $82.82 and a one year high of $132.60. The business has a 50 day simple moving average of $122.76 and a two-hundred day simple moving average of $110.19. The firm has a market capitalization of $22.86 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 3.60 and a beta of 0.74.

Incyte (NASDAQ:INCY – Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the company earned $1.57 EPS. The business’s quarterly revenue was up 37.7% compared to the same quarter last year. As a group, sell-side analysts expect that Incyte will post 2.40 EPS for the current fiscal year.

Insider Activity at Incyte

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the sale, the insider directly owned 183,200 shares of the company’s stock, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. 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 transaction, the executive vice president owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several institutional investors and hedge funds have recently added to or reduced their stakes in INCY. Insight Wealth Strategies LLC boosted its stake in shares of Incyte by 1.7% during the 3rd quarter. Insight Wealth Strategies LLC now owns 63,207 shares of the biopharmaceutical company’s stock worth $7,670,000 after acquiring an additional 1,032 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Incyte by 4.7% during the 3rd quarter. GAMMA Investing LLC now owns 8,598 shares of the biopharmaceutical company’s stock valued at $1,043,000 after acquiring an additional 385 shares during the period. Farther Finance Advisors LLC grew its position in shares of Incyte by 410.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 9,256 shares of the biopharmaceutical company’s stock valued at $1,123,000 after acquiring an additional 7,443 shares during the period. Apella Capital LLC purchased a new stake in shares of Incyte in the 3rd quarter worth $213,000. Finally, Valeo Financial Advisors LLC purchased a new stake in shares of Incyte in the 3rd quarter worth $228,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

(Get Free Report)

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.

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