Incyte (NASDAQ:INCY) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Incyte (NASDAQ:INCY) from a buy rating to a hold rating in a research note released on Saturday morning.

A number of other brokerages have also recently weighed in on INCY. JPMorgan Chase & Co. increased their price target on Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Citigroup restated a “market perform” rating on shares of Incyte in a research report on Wednesday, July 15th. Guggenheim upped their price objective on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Morgan Stanley set a $119.00 target price on Incyte in a research report on Wednesday, July 29th. Finally, Stifel Nicolaus set a $145.00 price target on shares of Incyte in a report on Tuesday, July 28th. Ten analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $119.60.

Incyte Stock Down 0.9%

Shares of NASDAQ:INCY opened at $118.43 on Friday. The company has a market cap of $24.01 billion, a PE ratio of 15.09, a P/E/G ratio of 3.96 and a beta of 0.76. Incyte has a fifty-two week low of $75.48 and a fifty-two week high of $132.60. The firm has a 50-day simple moving average of $109.97 and a 200 day simple moving average of $102.32.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the company posted $1.57 earnings per share. Incyte’s revenue was up 37.7% on a year-over-year basis. As a group, research analysts forecast that Incyte will post 2.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Incyte

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jacobi Capital Management LLC raised its holdings in Incyte by 0.9% during the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after purchasing an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Incyte by 0.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after purchasing an additional 100 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Incyte by 7.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock valued at $161,000 after purchasing an additional 113 shares during the last quarter. Bank of Nova Scotia grew its position in shares of Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after buying an additional 124 shares during the period. Finally, Perbak Capital Partners LLP grew its position in shares of Incyte by 2.5% during the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock worth $449,000 after buying an additional 129 shares during the period. 96.97% of the stock is currently 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.