Incyte (NASDAQ:INCY) Stock Moved Up to “Hold” by Zacks Research

Zacks Research upgraded shares of Incyte (NASDAQ:INCY) from a strong sell rating to a hold rating in a research report released on Thursday morning,Zacks reports.

Several other analysts have also recently issued reports on the company. Piper Sandler upped their target price on Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a report on Monday, August 17th. Truist Financial lifted their target price on Incyte from $105.00 to $115.00 and gave the company a “hold” rating in a research report on Wednesday, October 14th. Mizuho lifted their price objective on Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Canaccord Genuity Group started coverage on Incyte in a report on Thursday, August 20th. They issued a “buy” rating and a $152.00 target price on the stock. Finally, Stifel Nicolaus increased their target price on shares of Incyte from $145.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, October 5th. Eleven research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $132.86.

Incyte Stock Down 0.6%

Shares of Incyte stock traded down $0.73 on Thursday, reaching $120.97. 950,394 shares of the stock were exchanged, compared to its average volume of 1,785,896. The business has a 50 day moving average price of $119.18 and a two-hundred day moving average price of $108.96. The firm has a market capitalization of $24.66 billion, a price-to-earnings ratio of 64.35, a PEG ratio of 4.43 and a beta of 0.78. Incyte has a twelve month low of $89.25 and a twelve month high of $132.60.

Incyte (NASDAQ:INCY) last released its quarterly earnings data 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 business had revenue of $1.56 billion for 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 business’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.26 EPS. Research analysts forecast that Incyte will post 2.24 EPS for the current year.

Insider Buying and Selling

In other Incyte news, insider Thomas Tray sold 610 shares of Incyte stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $118.96, for a total transaction of $72,565.60. Following the completion of the transaction, the insider owned 21,126 shares in the company, valued at approximately $2,513,148.96. The trade was a 2.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Steven H. Stein sold 240,193 shares of the company’s stock in a transaction dated Friday, November 6th. The shares were 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 $3,660,145.24. This trade represents a 88.60% decrease in their position. The SEC filing for this sale provides additional information. 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 three months. Corporate insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Incyte

Large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Incyte in the 2nd quarter valued at about $2,044,189,000. Legal & General Group Plc purchased a new stake in shares of Incyte during the second quarter worth about $182,054,000. Caisse de depot et placement du Quebec purchased a new stake in shares of Incyte during the second quarter worth about $155,360,000. Deutsche Bank AG purchased a new stake in shares of Incyte during the second quarter worth about $143,172,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Incyte in the second quarter valued at approximately $110,279,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

About Incyte

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.