Incyte (NASDAQ:INCY) Rating Lowered to Buy at StockNews.com

StockNews.com lowered shares of Incyte (NASDAQ:INCY) from a strong-buy rating to a buy rating in a report released on Thursday.

INCY has been the subject of a number of other research reports. Cantor Fitzgerald initiated coverage on shares of Incyte in a research note on Tuesday, April 23rd. They issued a neutral rating for the company. Jefferies Financial Group initiated coverage on shares of Incyte in a research report on Friday, February 23rd. They issued a buy rating and a $81.00 target price for the company. JMP Securities downgraded Incyte from an outperform rating to a market perform rating in a research report on Wednesday, February 14th. Royal Bank of Canada reiterated a sector perform rating and issued a $65.00 price objective on shares of Incyte in a report on Monday, March 25th. Finally, TD Cowen decreased their price objective on Incyte from $88.00 to $80.00 and set a buy rating on the stock in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $74.93.

Incyte Price Performance

NASDAQ INCY traded up $0.67 on Thursday, hitting $53.76. The stock had a trading volume of 1,407,391 shares, compared to its average volume of 2,018,156. The firm has a 50-day moving average of $56.09 and a 200-day moving average of $57.55. The company has a market capitalization of $12.07 billion, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 1.27 and a beta of 0.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.47. Incyte has a 52-week low of $50.27 and a 52-week high of $67.72.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a net margin of 19.78% and a return on equity of 12.83%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the business earned $0.44 EPS. The business’s revenue was up 9.3% on a year-over-year basis. Equities analysts expect that Incyte will post 3.54 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Mediolanum International Funds Ltd purchased a new position in Incyte during the first quarter valued at $1,184,000. United Community Bank purchased a new position in Incyte during the first quarter valued at $99,000. Central Pacific Bank Trust Division bought a new stake in shares of Incyte in the 1st quarter worth $266,000. Daiwa Securities Group Inc. increased its holdings in shares of Incyte by 42.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 32,957 shares of the biopharmaceutical company’s stock worth $1,878,000 after purchasing an additional 9,893 shares in the last quarter. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Incyte in the 1st quarter worth $32,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.