Incyte (NASDAQ:INCY) Rating Increased to Hold at Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of Incyte (NASDAQ:INCY) to a hold rating in a research report sent to investors on Thursday morning,Zacks.com reports.

INCY has been the topic of several other reports. Royal Bank Of Canada lowered their price target on Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 11th. Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. UBS Group dropped their target price on Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 25th. Piper Sandler raised their price objective on shares of Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Finally, Oppenheimer increased their price target on shares of Incyte from $84.00 to $90.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 29th. Ten research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Incyte presently has a consensus rating of “Hold” and an average target price of $104.00.

Incyte Stock Down 0.3%

INCY opened at $97.16 on Thursday. The stock has a market capitalization of $19.41 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 0.93 and a beta of 0.79. The firm has a 50 day moving average price of $95.41 and a 200-day moving average price of $99.64. Incyte has a twelve month low of $63.51 and a twelve month high of $112.29. 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 issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the company posted $1.16 earnings per share. The firm’s quarterly revenue was up 20.9% on a year-over-year basis. Equities research analysts forecast that Incyte will post 6.74 earnings per share for the current year.

Insider Activity at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction on Friday, April 17th. The shares were 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 in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Incyte

A number of institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Incyte in the fourth quarter valued at about $122,893,000. Caisse de depot et placement du Quebec grew its position in shares of Incyte by 264.5% during the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after purchasing an additional 1,087,091 shares in the last quarter. Marshall Wace LLP raised its stake in Incyte by 6,586.4% during the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after purchasing an additional 1,056,451 shares during the period. Wellington Management Group LLP lifted its holdings in Incyte by 3,406.8% in the 4th quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock worth $73,028,000 after purchasing an additional 718,294 shares in the last quarter. Finally, SEB Asset Management AB purchased a new position in Incyte in the 1st quarter worth approximately $60,817,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.