JMP Securities Reiterates “Market Perform” Rating for Incyte (NASDAQ:INCY)

Incyte (NASDAQ:INCY)‘s stock had its “market perform” rating reaffirmed by analysts at JMP Securities in a research report issued on Tuesday, Benzinga reports.

A number of other equities analysts have also recently commented on INCY. BMO Capital Markets reaffirmed an “underperform” rating and issued a $48.00 price target (down from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. Oppenheimer decreased their target price on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Guggenheim increased their price target on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Monday. William Blair reissued an “outperform” rating on shares of Incyte in a report on Monday, September 9th. Finally, Bank of America upped their price objective on shares of Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $73.24.

Incyte Price Performance

Shares of Incyte stock opened at $65.17 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. Incyte has a 52-week low of $50.27 and a 52-week high of $70.36. The company has a fifty day moving average of $64.23 and a 200-day moving average of $59.70. The stock has a market capitalization of $14.63 billion, a price-to-earnings ratio of 19.75, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.77 earnings per share. Equities research analysts expect that Incyte will post 0.67 EPS for the current year.

Insiders Place Their Bets

In other news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Thomas Tray sold 572 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the sale, the executive vice president now owns 36,390 shares in the company, valued at approximately $2,269,280.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,047 shares of company stock worth $2,225,626. 17.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Incyte

Several institutional investors and hedge funds have recently modified their holdings of the stock. Deseret Mutual Benefit Administrators boosted its stake in Incyte by 37.1% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 164 shares in the last quarter. Moody National Bank Trust Division lifted its stake in shares of Incyte by 1.3% in the second quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock worth $861,000 after buying an additional 179 shares in the last quarter. Ballentine Partners LLC grew its holdings in shares of Incyte by 4.0% during the second quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock valued at $287,000 after buying an additional 182 shares during the last quarter. 180 Wealth Advisors LLC grew its holdings in shares of Incyte by 4.5% during the first quarter. 180 Wealth Advisors LLC now owns 4,764 shares of the biopharmaceutical company’s stock valued at $271,000 after buying an additional 204 shares during the last quarter. Finally, Empirical Finance LLC increased its position in shares of Incyte by 3.7% during the first quarter. Empirical Finance LLC now owns 6,395 shares of the biopharmaceutical company’s stock valued at $364,000 after acquiring an additional 230 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Company Profile

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.