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

Incyte (NASDAQ:INCY) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks reports.

INCY has been the subject of several other research reports. Wells Fargo & Company reduced their price target on shares of Incyte from $128.00 to $127.00 and set an “equal weight” rating for the company in a report on Friday, October 30th. Mizuho raised their price objective on shares of Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Weiss Ratings cut shares of Incyte from a “buy (b)” rating to a “hold (c)” rating in a research report on Wednesday, November 4th. TD Cowen boosted their price objective on shares of Incyte from $138.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Finally, Raymond James Financial set a $152.00 target price on shares of Incyte in a research note on Friday, October 16th. Eleven equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Incyte presently has a consensus rating of “Hold” and a consensus target price of $132.86.

Incyte Stock Down 0.6%

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

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

Insider Transactions at Incyte

In other news, insider Thomas Tray sold 610 shares of the business’s stock in a transaction on Tuesday, November 3rd. The shares were 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 of the company’s stock, valued at $2,513,148.96. The trade was a 2.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Steven H. Stein sold 240,193 shares of the business’s stock in a transaction on Friday, November 6th. The stock was sold at an average price of $118.39, for a total transaction of $28,436,449.27. Following the completion of the sale, the chief marketing officer directly owned 30,916 shares in the company, valued at approximately $3,660,145.24. This represents a 88.60% 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 sold 254,246 shares of company stock valued at $30,162,968 in the last ninety days. 16.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Incyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INCY. BlackRock Inc. acquired a new position in shares of Incyte during the 2nd quarter worth about $2,044,189,000. Wellington Management Group LLP grew its holdings in shares of Incyte by 9.5% in the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock valued at $405,321,000 after acquiring an additional 309,385 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Incyte by 10.5% in the 1st 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. First Trust Advisors LP increased its position in shares of Incyte by 15.2% in 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 acquiring an additional 241,082 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of Incyte by 2.2% in the first quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company’s stock valued at $163,869,000 after acquiring an additional 37,790 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.