Incyte (NASDAQ:INCY) Rating Lowered to Hold at Zacks Research

Incyte (NASDAQ:INCY) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other brokerages have also recently issued reports on INCY. UBS Group restated a “neutral” rating and issued a $68.00 target price (up previously from $62.00) on shares of Incyte in a report on Wednesday, July 30th. Wells Fargo & Company boosted their price objective on shares of Incyte from $89.00 to $97.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. JPMorgan Chase & Co. upped their price objective on shares of Incyte from $73.00 to $89.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th. BMO Capital Markets reissued an “underperform” rating and issued a $60.00 target price (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded Incyte from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 1st. Seven analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $92.77.

Incyte Trading Up 2.1%

Shares of INCY stock opened at $108.16 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 2.78. The business has a 50-day moving average of $89.16 and a 200 day moving average of $77.29. The stock has a market capitalization of $21.23 billion, a PE ratio of 18.12, a P/E/G ratio of 0.70 and a beta of 0.74. Incyte has a 1-year low of $53.56 and a 1-year high of $108.81.

Insider Buying and Selling at Incyte

In related news, EVP Lee Heeson sold 3,074 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $94.02, for a total value of $289,017.48. Following the completion of the transaction, the executive vice president directly owned 29,241 shares in the company, valued at $2,749,238.82. This trade represents a 9.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sheila A. Denton sold 598 shares of Incyte stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $101.36, for a total transaction of $60,613.28. Following the transaction, the executive vice president directly owned 26,569 shares of the company’s stock, valued at approximately $2,693,033.84. This trade represents a 2.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 4,227 shares of company stock valued at $396,327 in the last three months. Insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Incyte

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of Nova Scotia boosted its position in shares of Incyte by 0.7% in the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after purchasing an additional 124 shares in the last quarter. MAI Capital Management raised its stake in Incyte by 19.9% during the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock valued at $51,000 after buying an additional 125 shares during the last quarter. Atlantic Edge Private Wealth Management LLC boosted its holdings in Incyte by 0.9% in the third quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock worth $1,235,000 after acquiring an additional 125 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Incyte by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company’s stock worth $612,000 after acquiring an additional 147 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Incyte by 10.1% in the second quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company’s stock worth $116,000 after acquiring an additional 156 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.