Incyte (NASDAQ:INCY) Upgraded at Zacks Research

Incyte (NASDAQ:INCY) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Thursday, Zacks reports.

INCY has been the subject of a number of other research reports. Canaccord Genuity Group started coverage on Incyte in a research report on Thursday, August 20th. They set a “buy” rating and a $152.00 price objective for the company. JPMorgan Chase & Co. increased their target price on Incyte from $120.00 to $123.00 and gave the company a “neutral” rating in a report on Monday, September 28th. Oppenheimer set a $152.00 target price on Incyte in a research report on Tuesday, October 27th. Guggenheim boosted their price target on Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Finally, Sanford C. Bernstein boosted their price target on Incyte from $104.00 to $108.00 and gave the company a “market perform” rating in a research note on Monday, November 2nd. Eleven investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $132.86.

Incyte Trading Down 0.6%

INCY stock traded down $0.73 on Thursday, hitting $120.97. The company had a trading volume of 950,394 shares, compared to its average volume of 1,785,896. Incyte has a 12-month low of $89.25 and a 12-month high of $132.60. The stock’s 50-day simple moving average is $119.18 and its 200 day simple moving average is $108.96. The stock has a market cap of $24.66 billion, a price-to-earnings ratio of 64.35, a P/E/G ratio of 4.43 and a beta of 0.78.

Incyte (NASDAQ:INCY) last announced its earnings results on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.93) by $0.33. The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.46 billion. Incyte had a net margin of 6.71% and a return on equity of 7.92%. The company’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.26 EPS. Research analysts forecast that Incyte will post 2.24 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other Incyte news, insider Pablo Cagnoni sold 10,801 shares of Incyte stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the transaction, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The sale 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, CMO Steven Stein sold 240,193 shares of the company’s stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $118.39, for a total transaction of $28,436,449.27. Following the completion of the transaction, the chief marketing officer owned 30,916 shares of the company’s stock, valued at approximately $3,660,145.24. The trade was a 88.60% decrease in their ownership of the stock. 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 valued at $30,162,968 over the last 90 days. 16.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Incyte in the 2nd quarter valued at approximately $2,044,189,000. Wellington Management Group LLP grew its holdings in Incyte by 9.5% during the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock valued at $405,321,000 after purchasing an additional 309,385 shares during the last quarter. First Trust Advisors LP grew its holdings in Incyte by 15.2% during the 3rd quarter. First Trust Advisors LP now owns 1,829,078 shares of the biopharmaceutical company’s stock valued at $221,959,000 after purchasing an additional 241,082 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Incyte by 10.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock worth $185,873,000 after purchasing an additional 187,354 shares during the period. Finally, Legal & General Group Plc bought a new stake in Incyte in the second quarter worth about $182,054,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.