Incyte (NASDAQ:INCY) Receives “Underperform” Rating from BMO Capital Markets

BMO Capital Markets reiterated their underperform rating on shares of Incyte (NASDAQ:INCY) in a report published on Tuesday, MarketBeat Ratings reports. BMO Capital Markets currently has a $48.00 price target on the biopharmaceutical company’s stock, down from their prior price target of $52.00.

Several other equities analysts have also issued reports on the stock. 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 report on Wednesday, March 13th. Truist Financial reaffirmed a buy rating and issued a $83.00 target price (down from $84.00) on shares of Incyte in a research note on Wednesday, May 1st. Oppenheimer reduced their target price 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. Royal Bank of Canada reaffirmed a sector perform rating and issued a $65.00 target price on shares of Incyte in a research note on Monday, March 25th. Finally, Cantor Fitzgerald reissued a neutral rating on shares of Incyte in a research report on Tuesday, June 18th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $73.44.

Incyte Trading Down 3.0 %

Shares of NASDAQ:INCY opened at $59.02 on Tuesday. The company has a market cap of $13.25 billion, a P/E ratio of 17.88, a P/E/G ratio of 1.31 and a beta of 0.73. The stock’s 50-day moving average is $57.58 and its 200-day moving average is $58.69. Incyte has a 52-week low of $50.27 and a 52-week high of $67.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.43 and a current ratio of 3.47.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.31). Incyte had a net margin of 19.78% and a return on equity of 12.83%. The company had revenue of $880.89 million for the quarter, compared to analyst estimates of $935.85 million. Equities research analysts predict that Incyte will post 3.57 earnings per share for the current year.

Insider Transactions at Incyte

In related news, EVP Barry P. Flannelly sold 19,164 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $60.00, for a total value of $1,149,840.00. Following the sale, the executive vice president now directly owns 66,377 shares in the company, valued at approximately $3,982,620. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Incyte news, EVP Barry P. Flannelly sold 19,164 shares of Incyte stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total value of $1,149,840.00. Following the completion of the transaction, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at approximately $3,982,620. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas Tray sold 1,093 shares of Incyte stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the transaction, the insider now directly owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The disclosure for this sale can be found here. Insiders own 17.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Incyte by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock worth $1,294,120,000 after purchasing an additional 196,440 shares in the last quarter. LSV Asset Management boosted its stake in Incyte by 2.3% in the 1st quarter. LSV Asset Management now owns 2,754,777 shares of the biopharmaceutical company’s stock worth $156,940,000 after buying an additional 62,950 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Incyte by 7.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,514,634 shares of the biopharmaceutical company’s stock valued at $143,259,000 after purchasing an additional 177,852 shares in the last quarter. Norges Bank acquired a new position in shares of Incyte in the 4th quarter valued at about $123,253,000. Finally, Los Angeles Capital Management LLC lifted its stake in shares of Incyte by 37.1% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,570,296 shares of the biopharmaceutical company’s stock valued at $98,599,000 after purchasing an additional 424,934 shares in the last quarter. 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.