Incyte (NASDAQ:INCY) Receives Neutral Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their neutral rating on shares of Incyte (NASDAQ:INCY) in a research note published on Monday morning, Benzinga reports.

Several other research analysts have also commented on INCY. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Incyte from $55.00 to $60.00 and gave the stock a hold rating in a report on Thursday, August 1st. Bank of America raised their price objective on shares of Incyte from $62.00 to $66.00 and gave the stock a neutral rating in a report on Wednesday, July 31st. Citigroup upped their target price on Incyte from $80.00 to $88.00 and gave the stock a buy rating in a report on Wednesday, July 31st. Royal Bank of Canada restated a sector perform rating and issued a $67.00 target price on shares of Incyte in a research note on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. upped their price target on Incyte from $59.00 to $61.00 and gave the stock a neutral rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $73.76.

Incyte Stock Performance

Incyte stock opened at $66.41 on Monday. Incyte has a 1-year low of $50.27 and a 1-year high of $70.36. The firm has a market cap of $14.91 billion, a P/E ratio of 20.12, a P/E/G ratio of 5.03 and a beta of 0.73. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average of $64.03 and a 200-day moving average of $59.61.

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

Insider Activity

In other news, EVP Barry P. Flannelly sold 8,148 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the sale, the executive vice president now owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the sale, the executive vice president now owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 8,148 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the transaction, the executive vice president now directly owns 50,534 shares in the company, valued at approximately $3,032,040. The disclosure for this sale can be found here. Insiders have sold a total of 34,047 shares of company stock valued at $2,225,626 over the last ninety days. 17.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC purchased a new stake in shares of Incyte in the 2nd quarter worth $2,738,000. Teachers Retirement System of The State of Kentucky grew its holdings in Incyte by 2,486.8% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 394,646 shares of the biopharmaceutical company’s stock valued at $23,923,000 after purchasing an additional 379,390 shares during the period. Delphi Management Inc. MA bought a new stake in Incyte during the second quarter valued at about $73,000. Advisory Alpha LLC increased its position in Incyte by 18.9% in the second quarter. Advisory Alpha LLC now owns 6,678 shares of the biopharmaceutical company’s stock worth $405,000 after buying an additional 1,062 shares in the last quarter. Finally, Truist Financial Corp bought a new position in shares of Incyte in the second quarter worth about $1,122,000. 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.