UBS Group Issues Pessimistic Forecast for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price target lowered by equities research analysts at UBS Group from $104.00 to $94.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the biopharmaceutical company’s stock. UBS Group’s price target indicates a potential upside of 1.72% from the stock’s previous close.

INCY has been the subject of several other research reports. Mizuho set a $121.00 target price on Incyte and gave the stock an “outperform” rating in a research note on Monday, December 8th. TD Cowen restated a “buy” rating on shares of Incyte in a report on Tuesday, January 13th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $90.00 price objective on shares of Incyte in a report on Thursday, January 8th. HC Wainwright reissued a “buy” rating and issued a $135.00 target price on shares of Incyte in a research report on Wednesday. Finally, Piper Sandler raised their price target on Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Nine analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $104.89.

Incyte Stock Up 2.0%

Incyte stock traded up $1.79 during midday trading on Wednesday, reaching $92.41. The company’s stock had a trading volume of 448,518 shares, compared to its average volume of 1,905,986. The company has a market cap of $18.39 billion, a P/E ratio of 14.41, a P/E/G ratio of 0.72 and a beta of 0.84. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The business has a 50-day simple moving average of $99.84 and a 200-day simple moving average of $96.97. Incyte has a fifty-two week low of $53.56 and a fifty-two week high of $112.29.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the company posted $1.43 earnings per share. The company’s revenue was up 27.8% compared to the same quarter last year. On average, research analysts expect that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Activity at Incyte

In related news, EVP Mohamed Khairie Issa sold 10,856 shares of the stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the completion of the sale, the executive vice president directly owned 66,132 shares of the company’s stock, valued at $7,213,017.24. This trade represents a 14.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the completion of the transaction, the insider owned 234,800 shares in the company, valued at approximately $22,127,552. This trade represents a 7.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Incyte

Large investors have recently bought and sold shares of the company. Jacobi Capital Management LLC lifted its stake in shares of Incyte by 0.9% in the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after acquiring an additional 99 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in shares of Incyte by 0.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after acquiring an additional 100 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Incyte by 7.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after acquiring an additional 113 shares during the period. Bank of Nova Scotia raised its holdings in Incyte by 0.7% during the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after purchasing an additional 124 shares in the last quarter. Finally, MAI Capital Management lifted its position in Incyte by 19.9% in the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock valued at $51,000 after purchasing an additional 125 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.