Zacks Investment Research Lowers Incyte (INCY) to Hold
Incyte (NASDAQ:INCY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Incyte's Jakafi continues to drive growth propelled by increase in patient demand. Jakafi’s performance is expected to get a further boost with a potential label expansion of the drug. Incyte expects to submit an sNDA seeking approval of Jakafi in patients with steroid-refractory acute graft-versus-host disease in the third quarter of 2018. The recent FDA approval of Olumiant 2 mg is a positive as well as Incyte received a milestone payment from Lilly. However, Incyte suffered a huge setback with failure of the phase III study, ECHO-301, evaluating epacadostat in combination with Keytruda as it was one of the most promising candidates of the company. Further, the approval of the 4mg dose of baricitinib is doubtful. Moreover, Incyte’s dependence on only Jakafi is concerning. Shares have underperformed the industry in the year so far.”
Several other analysts have also issued reports on the stock. Royal Bank of Canada upgraded shares of Incyte from a “sector perform” rating to an “outperform” rating and set a $74.00 price objective on the stock in a report on Wednesday, August 15th. They noted that the move was a valuation call. JPMorgan Chase & Co. restated a “buy” rating and issued a $88.00 price objective on shares of Incyte in a report on Wednesday, August 1st. BidaskClub upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a report on Friday, August 31st. JMP Securities lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 1st. Finally, Argus set a $83.00 price objective on shares of Incyte and gave the company a “buy” rating in a report on Thursday, August 30th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have given a buy rating to the company’s stock. Incyte currently has an average rating of “Buy” and a consensus price target of $94.43.
Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 31st. The biopharmaceutical company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.22. The firm had revenue of $521.50 million for the quarter, compared to analyst estimates of $510.70 million. Incyte had a negative net margin of 5.92% and a positive return on equity of 1.74%. Incyte’s revenue was up 59.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.06) EPS. Equities research analysts forecast that Incyte will post 0.43 earnings per share for the current year.
In other news, EVP Barry P. Flannelly sold 1,000 shares of the business’s stock in a transaction dated Wednesday, October 3rd. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Paula J. Swain sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $73.21, for a total value of $732,100.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,000 shares of company stock valued at $2,202,100. 17.20% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Scout Investments Inc. grew its position in shares of Incyte by 5.7% during the third quarter. Scout Investments Inc. now owns 233,139 shares of the biopharmaceutical company’s stock worth $16,105,000 after buying an additional 12,632 shares in the last quarter. Zweig DiMenna Associates LLC acquired a new position in shares of Incyte during the third quarter worth about $4,283,000. Bank of Montreal Can grew its position in shares of Incyte by 34.0% during the third quarter. Bank of Montreal Can now owns 199,062 shares of the biopharmaceutical company’s stock worth $13,751,000 after buying an additional 50,508 shares in the last quarter. Manning & Napier Group LLC grew its position in shares of Incyte by 7.7% during the third quarter. Manning & Napier Group LLC now owns 4,615,489 shares of the biopharmaceutical company’s stock worth $318,836,000 after buying an additional 330,895 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its position in shares of Incyte by 3.2% during the third quarter. State of Alaska Department of Revenue now owns 32,856 shares of the biopharmaceutical company’s stock worth $2,269,000 after buying an additional 1,013 shares in the last quarter. 91.57% of the stock is owned by institutional investors and hedge funds.
Incyte Company Profile
Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States. It offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and ICLUSIG, a kinase inhibitor for the treatment of chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
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