Incyte (NASDAQ:INCY) Downgraded by Wall Street Zen to “Hold”

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

Several other research firms have also commented on INCY. Guggenheim raised their price objective on Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Morgan Stanley set a $119.00 target price on Incyte in a research note on Wednesday, July 29th. Citigroup reiterated a “buy” rating on shares of Incyte in a report on Monday, August 3rd. Leerink Partners upped their price target on Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Finally, Weiss Ratings raised shares of Incyte from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $127.70.

Incyte Stock Up 0.0%

Incyte stock opened at $112.79 on Friday. Incyte has a 52-week low of $82.82 and a 52-week high of $132.60. The firm has a fifty day moving average of $122.76 and a 200-day moving average of $110.05. The firm has a market capitalization of $22.86 billion, a P/E ratio of 14.37, a PEG ratio of 3.60 and a beta of 0.74.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating 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 business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the firm posted $1.57 EPS. The business’s revenue for the quarter was up 37.7% compared to the same quarter last year. On average, research analysts expect that Incyte will post 2.40 EPS for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the sale, the executive vice president directly owned 61,441 shares in the company, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Institutional Trading of Incyte

A number of hedge funds have recently made changes to their positions in INCY. Trails Edge Capital Partners LP bought a new position in Incyte during the second quarter valued at approximately $17,570,800. Twin Capital Management Inc. acquired a new stake in shares of Incyte in the 1st quarter valued at $875,000. BlackRock Inc. bought a new stake in Incyte in the second quarter worth $2,044,189,000. Mediolanum International Funds Ltd increased its position in Incyte by 25.4% during the first quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company’s stock worth $5,447,000 after buying an additional 12,227 shares during the last quarter. Finally, State of Wyoming acquired a new position in Incyte during the second quarter worth $4,027,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.