Sanford C. Bernstein Upgrades Incyte (NASDAQ:INCY) to Hold

Incyte (NASDAQ:INCY) was upgraded by investment analysts at Sanford C. Bernstein to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

Several other equities analysts have also recently commented on the company. HC Wainwright reiterated a “buy” rating and set a $135.00 target price on shares of Incyte in a research note on Thursday. UBS Group reduced their target price on Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a research note on Wednesday, March 25th. Oppenheimer increased their target price on Incyte from $84.00 to $90.00 and gave the company a “market perform” rating in a research note on Wednesday, April 29th. Jefferies Financial Group cut Incyte from a “buy” rating to a “hold” rating and reduced their target price for the company from $120.00 to $94.00 in a research note on Monday, March 16th. Finally, Barclays reiterated an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Ten investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $104.00.

Incyte Stock Down 0.3%

NASDAQ INCY opened at $97.16 on Thursday. The stock has a market cap of $19.41 billion, a PE ratio of 13.72, a P/E/G ratio of 0.93 and a beta of 0.79. Incyte has a fifty-two week low of $63.51 and a fifty-two week high of $112.29. The business has a 50 day moving average price of $95.41 and a two-hundred day moving average price of $99.64. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.Incyte’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.16 EPS. As a group, sell-side analysts predict that Incyte will post 6.74 EPS for the current fiscal year.

Insider Activity

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This represents a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Incyte

Several institutional investors and hedge funds have recently made changes to their positions in the company. AustralianSuper Pty Ltd acquired a new stake in Incyte in the third quarter worth $18,085,000. LBP AM SA increased its holdings in shares of Incyte by 33.6% during the third quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company’s stock valued at $20,245,000 after purchasing an additional 59,974 shares during the period. Nordea Investment Management AB increased its holdings in shares of Incyte by 941.8% during the fourth quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock valued at $31,874,000 after purchasing an additional 291,293 shares during the period. Toth Financial Advisory Corp acquired a new position in shares of Incyte during the fourth quarter valued at $1,213,000. Finally, Fairvoy Private Wealth LLC increased its holdings in shares of Incyte by 468.8% during the fourth quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock valued at $2,980,000 after purchasing an additional 24,865 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

About Incyte

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.