Zacks Investment Research cut shares of Incyte (NASDAQ:INCY) from a buy rating to a hold rating in a research note issued to investors on Monday.

According to Zacks, “Incyte’s lead drug Jakafi continues to maintain momentum for the company as the underlying patient demand for the drug remains strong. Incyte’s sNDA, seeking a label expansion of Jakafi for the treatment of steroid-refractory acute GVHD, has been accepted for Priority Review by the FDA.  The agency has set a target action date of Feb 24, 2019. An approval will further boost sales. The recent FDA approval of Olumiant 2 mg, for which Incyte received a milestone payment from Lilly, is a positive. However, Incyte suffered a setback with failure of the phase III ECHO-301 study, evaluating epacadostat in combination with Keytruda. Further, the approval of the 4mg dose of baricitinib is doubtful. Moreover, Incyte’s dependence on only Jakafi is a concern as well. Shares have underperformed the industry in the year so far.”

Several other equities research analysts have also recently issued reports on the stock. Raymond James reaffirmed a buy rating and set a $85.00 target price on shares of Incyte in a research note on Thursday, October 25th. BidaskClub raised shares of Incyte from a buy rating to a strong-buy rating in a research note on Friday, August 31st. Cantor Fitzgerald reaffirmed a hold rating and set a $74.00 target price (up previously from $73.00) on shares of Incyte in a research note on Sunday, October 21st. Cowen reaffirmed a buy rating on shares of Incyte in a research note on Tuesday, October 30th. Finally, JPMorgan Chase & Co. reaffirmed a buy rating on shares of Incyte in a research note on Saturday, September 15th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $93.84.

Shares of INCY opened at $61.73 on Monday. Incyte has a 52-week low of $58.33 and a 52-week high of $102.63. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.01 and a current ratio of 4.02. The firm has a market cap of $13.35 billion, a price-to-earnings ratio of 96.45 and a beta of 1.05.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, October 30th. The biopharmaceutical company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.02). Incyte had a positive return on equity of 2.23% and a negative net margin of 6.07%. The business had revenue of $449.68 million for the quarter, compared to analyst estimates of $448.34 million. During the same period last year, the firm earned $0.19 EPS. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. As a group, analysts forecast that Incyte will post 0.43 earnings per share for the current fiscal year.

In related news, insider Paul Trower sold 10,000 shares of the business’s stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $70.00, for a total value of $700,000.00. Following the sale, the insider now directly owns 24,172 shares in the company, valued at approximately $1,692,040. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jean Jacques Bienaime acquired 1,000 shares of Incyte stock in a transaction that occurred on Thursday, November 8th. The stock was bought at an average price of $68.77 per share, for a total transaction of $68,770.00. Following the completion of the acquisition, the director now owns 6,168 shares in the company, valued at approximately $424,173.36. The disclosure for this purchase can be found here. 17.20% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. NuWave Investment Management LLC grew its position in Incyte by 19,237.5% in the 3rd quarter. NuWave Investment Management LLC now owns 1,547 shares of the biopharmaceutical company’s stock valued at $107,000 after acquiring an additional 1,539 shares in the last quarter. Resources Investment Advisors Inc. grew its position in Incyte by 93.8% in the 2nd quarter. Resources Investment Advisors Inc. now owns 1,738 shares of the biopharmaceutical company’s stock valued at $116,000 after acquiring an additional 841 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in Incyte in the 2nd quarter valued at about $161,000. Seven Eight Capital LP acquired a new position in Incyte in the 3rd quarter valued at about $202,000. Finally, First Republic Investment Management Inc. acquired a new position in Incyte in the 3rd quarter valued at about $233,000. Hedge funds and other institutional investors own 90.61% of the company’s stock.

About Incyte

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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