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

Incyte (NASDAQ:INCY) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Several other analysts also recently weighed in on INCY. Stifel Nicolaus lifted their price target on shares of Incyte from $67.00 to $68.00 and gave the company a “hold” rating in a research note on Wednesday, February 14th. Bank of America decreased their price target on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. Truist Financial reaffirmed a “buy” rating and set a $83.00 price target (down previously from $84.00) on shares of Incyte in a research note on Wednesday. Oppenheimer decreased their price target on shares of Incyte from $92.00 to $84.00 and set an “outperform” rating for the company in a research note on Wednesday, April 24th. Finally, Citigroup reduced their price objective on shares of Incyte from $82.00 to $81.00 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $74.93.

Incyte Trading Up 1.3 %

Shares of NASDAQ:INCY traded up $0.67 during trading hours on Thursday, hitting $53.76. 1,407,391 shares of the company’s stock traded hands, compared to its average volume of 2,018,156. Incyte has a 1 year low of $50.27 and a 1 year high of $67.72. The business has a fifty day moving average price of $56.23 and a 200-day moving average price of $57.58. The firm has a market capitalization of $12.07 billion, a P/E ratio of 16.29, a price-to-earnings-growth ratio of 1.25 and a beta of 0.69. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.47 and a quick ratio of 3.36.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a net margin of 19.78% and a return on equity of 12.83%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the firm earned $0.44 EPS. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. Equities analysts expect that Incyte will post 3.78 earnings per share for the current year.

Institutional Investors Weigh In On Incyte

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Incyte by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 22,519,381 shares of the biopharmaceutical company’s stock valued at $1,413,992,000 after buying an additional 359,962 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Incyte by 3.2% during the third quarter. Invesco Ltd. now owns 3,922,045 shares of the biopharmaceutical company’s stock valued at $226,577,000 after buying an additional 120,838 shares during the last quarter. LSV Asset Management boosted its holdings in Incyte by 119.6% in the fourth quarter. LSV Asset Management now owns 2,691,827 shares of the biopharmaceutical company’s stock valued at $169,020,000 after purchasing an additional 1,465,792 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in Incyte by 56.6% in the third quarter. Acadian Asset Management LLC now owns 2,684,621 shares of the biopharmaceutical company’s stock valued at $155,053,000 after purchasing an additional 970,668 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Incyte by 5.9% in the third quarter. Northern Trust Corp now owns 2,127,688 shares of the biopharmaceutical company’s stock valued at $122,917,000 after purchasing an additional 119,389 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.