Incyte (NASDAQ:INCY) Upgraded to “Hold” at Zacks Research

Incyte (NASDAQ:INCY) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Thursday, Zacks reports.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler raised their target price on shares of Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. BMO Capital Markets reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, October 27th. UBS Group set a $152.00 price target on shares of Incyte in a research note on Friday, October 30th. Leerink Partners lowered their price objective on shares of Incyte from $154.00 to $150.00 and set an “outperform” rating for the company in a report on Thursday, November 5th. Finally, Morgan Stanley initiated coverage on Incyte in a research report on Tuesday, October 20th. They set an “equal weight” rating and a $119.00 price objective on the stock. Eleven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $132.86.

Incyte Trading Down 0.6%

Shares of INCY stock traded down $0.73 during trading hours on Thursday, reaching $120.97. The company’s stock had a trading volume of 950,394 shares, compared to its average volume of 1,785,896. The stock has a market capitalization of $24.66 billion, a P/E ratio of 64.35, a P/E/G ratio of 4.43 and a beta of 0.78. The firm’s fifty day simple moving average is $119.18 and its 200 day simple moving average is $108.96. Incyte has a one year low of $89.25 and a one year high of $132.60.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($3.60) EPS for the quarter, topping analysts’ consensus estimates of ($3.93) by $0.33. The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.46 billion. Incyte had a return on equity of 7.92% and a net margin of 6.71%. The firm’s revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.26 earnings per share. As a group, equities research analysts forecast that Incyte will post 2.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Thomas Tray sold 610 shares of the company’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $118.96, for a total value of $72,565.60. Following the sale, the insider owned 21,126 shares in the company, valued at $2,513,148.96. This represents a 2.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 2,642 shares of the firm’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $112.71, for a total value of $297,779.82. Following the transaction, the insider directly owned 183,200 shares of the company’s stock, valued at approximately $20,648,472. This trade represents a 1.42% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 254,246 shares of company stock worth $30,162,968 in the last 90 days. Insiders own 16.20% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Incyte during the 2nd quarter valued at about $2,044,189,000. Wellington Management Group LLP grew its holdings in shares of Incyte by 9.5% during the second quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock valued at $405,321,000 after buying an additional 309,385 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Incyte by 15.2% during the third quarter. First Trust Advisors LP now owns 1,829,078 shares of the biopharmaceutical company’s stock valued at $221,959,000 after buying an additional 241,082 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Incyte by 10.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock valued at $185,873,000 after acquiring an additional 187,354 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Incyte during the second quarter valued at approximately $182,054,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte is a biopharmaceutical company that discovers, develops and commercializes medicines, with a focus on oncology, hematology and inflammatory and autoimmune diseases. Founded in 1991, the company is headquartered in Wilmington, Delaware, and conducts research and commercial activities in the United States and internationally. Its products include Jakafi (ruxolitinib), used to treat certain blood disorders and graft-versus-host disease, and Opzelura (ruxolitinib cream), approved in the United States for certain skin conditions.