StockNews.com Downgrades Incyte (NASDAQ:INCY) to Buy

Posted by on Apr 12th, 2023

Incyte (NASDAQ:INCY – Get Rating) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Wednesday.

A number of other equities research analysts also recently weighed in on the stock. TheStreet downgraded shares of Incyte from a “b-” rating to a “c” rating in a research note on Tuesday, February 7th. JPMorgan Chase & Co. cut their price objective on Incyte from $82.00 to $80.00 and set a “neutral” rating for the company in a report on Wednesday, February 8th. JMP Securities reissued a “market outperform” rating and set a $113.00 price objective on shares of Incyte in a report on Tuesday, March 28th. Wells Fargo & Company lifted their price objective on Incyte from $72.00 to $75.00 and gave the company an “equal weight” rating in a report on Tuesday, January 3rd. Finally, SVB Securities raised Incyte from an “underperform” rating to a “market perform” rating and set a $61.00 price objective for the company in a report on Friday, March 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $85.43.

Incyte Trading Up 0.3 %

Shares of Incyte stock opened at $74.17 on Wednesday. The company’s fifty day simple moving average is $76.11 and its 200-day simple moving average is $76.92. The company has a market cap of $16.54 billion, a price-to-earnings ratio of 48.80, a PEG ratio of 3.28 and a beta of 0.73. The company has a current ratio of 3.54, a quick ratio of 3.50 and a debt-to-equity ratio of 0.01. Incyte has a 1 year low of $65.07 and a 1 year high of $86.29.

Incyte (NASDAQ:INCY – Get Rating) last announced its quarterly earnings data on Tuesday, February 7th. The biopharmaceutical company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.03. Incyte had a net margin of 10.03% and a return on equity of 11.45%. The business had revenue of $926.70 million for the quarter, compared to the consensus estimate of $880.25 million. During the same quarter last year, the company posted ($0.07) earnings per share. Incyte’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, sell-side analysts expect that Incyte will post 3.29 EPS for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Vijay K. Iyengar sold 7,000 shares of the business’s stock in a transaction dated Thursday, January 26th. The stock was sold at an average price of $85.00, for a total transaction of $595,000.00. Following the completion of the sale, the executive vice president now directly owns 42,835 shares of the company’s stock, valued at approximately $3,640,975. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Maria E. Pasquale sold 60,024 shares of the business’s stock in a transaction dated Monday, January 30th. The stock was sold at an average price of $84.74, for a total transaction of $5,086,433.76. Following the completion of the transaction, the executive vice president now directly owns 68,524 shares in the company, valued at approximately $5,806,723.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Vijay K. Iyengar sold 7,000 shares of the business’s stock in a transaction dated Thursday, January 26th. The stock was sold at an average price of $85.00, for a total value of $595,000.00. Following the transaction, the executive vice president now owns 42,835 shares of the company’s stock, valued at $3,640,975. The disclosure for this sale can be found here. Company insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

Institutional investors have recently modified their holdings of the stock. General Partner Inc. acquired a new position in shares of Incyte during the 4th quarter worth about $25,000. Guardian Wealth Advisors LLC acquired a new position in shares of Incyte in the 3rd quarter valued at approximately $29,000. American National Bank acquired a new position in shares of Incyte in the 3rd quarter valued at approximately $30,000. CI Investments Inc. grew its position in shares of Incyte by 76.7% in the 3rd quarter. CI Investments Inc. now owns 507 shares of the biopharmaceutical company’s stock valued at $34,000 after purchasing an additional 220 shares during the period. Finally, Parkside Financial Bank & Trust grew its position in shares of Incyte by 91.0% in the 1st quarter. Parkside Financial Bank & Trust now owns 447 shares of the biopharmaceutical company’s stock valued at $36,000 after purchasing an additional 213 shares during the period. 95.08% of the stock is currently owned by institutional investors and hedge funds.

About Incyte

(Get Rating)

Incyte Corp. is a biopharmaceutical company, which engages in the discovery, development, and commercialization of proprietary therapeutics. The company was founded in April 1991 and is headquartered in Wilmington, DE.

Featured Stories

Analyst Recommendations for Incyte (NASDAQ:INCY)

Receive News & Ratings for Incyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Incyte and related companies with MarketBeat.com's FREE daily email newsletter.