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

StockNews.com cut shares of Incyte (NASDAQ:INCY) from a strong-buy rating to a buy rating in a report released on Thursday.

A number of other research firms also recently commented on INCY. Bank of America dropped their price target on shares of Incyte from $69.00 to $67.00 and set a neutral rating on the stock in a research report on Wednesday, March 13th. Jefferies Financial Group assumed coverage on shares of Incyte in a research report on Friday, February 23rd. They set a buy rating and a $81.00 price target on the stock. JMP Securities cut shares of Incyte from an outperform rating to a market perform rating in a research note on Wednesday, February 14th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $65.00 price objective on shares of Incyte in a research note on Monday, March 25th. Finally, BMO Capital Markets lowered their price objective on shares of Incyte from $56.00 to $52.00 and set a market perform rating on the stock in a research note on Wednesday. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $74.93.

Incyte Stock Performance

NASDAQ:INCY traded up $0.67 during mid-day trading on Thursday, hitting $53.76. The stock had a trading volume of 1,407,391 shares, compared to its average volume of 2,018,156. Incyte has a 52 week low of $50.27 and a 52 week high of $67.72. The stock has a market capitalization of $12.07 billion, a price-to-earnings ratio of 16.29, a P/E/G ratio of 1.27 and a beta of 0.69. The company has a 50 day simple moving average of $56.09 and a 200-day simple moving average of $57.55. The company has a current ratio of 3.47, a quick ratio of 3.36 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). Incyte had a return on equity of 12.83% and a net margin of 19.78%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter last year, the firm posted $0.44 earnings per share. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. On average, research analysts expect that Incyte will post 3.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INCY. Commonwealth Equity Services LLC grew its position in Incyte by 12.3% during the third quarter. Commonwealth Equity Services LLC now owns 20,009 shares of the biopharmaceutical company’s stock valued at $1,156,000 after purchasing an additional 2,197 shares in the last quarter. Xponance Inc. grew its position in Incyte by 1.7% during the third quarter. Xponance Inc. now owns 39,576 shares of the biopharmaceutical company’s stock valued at $2,286,000 after purchasing an additional 667 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in Incyte by 100.4% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 25,097 shares of the biopharmaceutical company’s stock valued at $1,450,000 after acquiring an additional 12,576 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Incyte by 95.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 250,077 shares of the biopharmaceutical company’s stock valued at $14,447,000 after acquiring an additional 122,045 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its stake in Incyte by 10.7% in the third quarter. Mackenzie Financial Corp now owns 328,211 shares of the biopharmaceutical company’s stock valued at $19,220,000 after acquiring an additional 31,750 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.