Incyte (NASDAQ:INCY) Cut to “Neutral” at Guggenheim

Guggenheim lowered shares of Incyte (NASDAQ:INCY) from a buy rating to a neutral rating in a research report released on Tuesday, MarketBeat.com reports. They currently have $92.00 price target on the biopharmaceutical company’s stock.

Several other equities research analysts also recently commented on INCY. JMP Securities restated a “market perform” rating on shares of Incyte in a report on Tuesday, February 11th. Citigroup decreased their price target on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Stifel Nicolaus raised their price objective on shares of Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research note on Monday, February 10th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a report on Friday, January 10th. Finally, StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $75.13.

Incyte Stock Up 0.4 %

Shares of NASDAQ INCY opened at $60.58 on Tuesday. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The firm has a market cap of $11.72 billion, a PE ratio of 224.38, a P/E/G ratio of 0.41 and a beta of 0.76. The company’s fifty day simple moving average is $70.78 and its 200 day simple moving average is $70.13.

Incyte (NASDAQ:INCY) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. As a group, sell-side analysts forecast that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Activity at Incyte

In related news, EVP Barry P. Flannelly sold 19,807 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the completion of the transaction, the executive vice president now owns 33,567 shares in the company, valued at approximately $2,272,150.23. This represents a 37.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the sale, the executive vice president now directly owns 25,848 shares in the company, valued at approximately $1,809,101.52. This represents a 2.26 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,827 shares of company stock valued at $3,322,618. 17.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Incyte

Several institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System raised its stake in Incyte by 0.8% in the 4th quarter. California State Teachers Retirement System now owns 241,033 shares of the biopharmaceutical company’s stock valued at $16,648,000 after acquiring an additional 1,833 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Incyte by 315.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 47,884 shares of the biopharmaceutical company’s stock worth $3,307,000 after purchasing an additional 36,351 shares in the last quarter. NorthCrest Asset Manangement LLC raised its position in shares of Incyte by 22.6% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 7,982 shares of the biopharmaceutical company’s stock valued at $551,000 after purchasing an additional 1,470 shares during the period. Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of Incyte during the 4th quarter valued at approximately $3,919,000. Finally, Siemens Fonds Invest GmbH bought a new position in Incyte in the 4th quarter worth approximately $401,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.