Incyte (NASDAQ:INCY) Upgraded at Zacks Research

Zacks Research upgraded shares of Incyte (NASDAQ:INCY) from a strong sell rating to a hold rating in a report released on Thursday morning,Zacks reports.

INCY has been the subject of several other research reports. Weiss Ratings lowered shares of Incyte from a “buy (b)” rating to a “hold (c)” rating in a research note on Wednesday, November 4th. Benchmark reiterated a “buy” rating on shares of Incyte in a report on Tuesday, October 13th. JPMorgan Chase & Co. raised their price target on shares of Incyte from $120.00 to $123.00 and gave the company a “neutral” rating in a research report on Monday, September 28th. Royal Bank Of Canada boosted their price target on shares of Incyte from $114.00 to $117.00 and gave the stock a “sector perform” rating in a report on Friday, October 30th. Finally, UBS Group set a $152.00 price target on shares of Incyte in a report on Friday, October 30th. Eleven equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $132.86.

Incyte Trading Down 0.6%

Incyte stock traded down $0.73 during trading on Thursday, hitting $120.97. 950,394 shares of the company were exchanged, compared to its average volume of 1,785,896. The company has a market capitalization of $24.66 billion, a P/E ratio of 64.35, a PEG ratio of 4.43 and a beta of 0.78. The business’s 50 day moving average is $119.18 and its 200 day moving average is $108.96. Incyte has a 52 week low of $89.25 and a 52 week high of $132.60.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share for the quarter, beating the consensus estimate of ($3.93) by $0.33. Incyte had a return on equity of 7.92% and a net margin of 6.71%. The business had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the business earned $2.26 EPS. The business’s revenue was up 14.0% on a year-over-year basis. Equities analysts expect that Incyte will post 2.24 EPS for the current year.

Insiders Place Their Bets

In other Incyte news, insider Thomas Tray sold 610 shares of the business’s stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $118.96, for a total value of $72,565.60. Following the transaction, the insider owned 21,126 shares of the company’s stock, valued at approximately $2,513,148.96. The trade was a 2.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 10,801 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. This trade represents a 5.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 254,246 shares of company stock valued at $30,162,968. Insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Incyte

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Incyte during the second quarter valued at about $2,044,189,000. Wellington Management Group LLP boosted its position in Incyte by 9.5% during the second quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock worth $405,321,000 after purchasing an additional 309,385 shares during the period. Dimensional Fund Advisors LP boosted its position in Incyte by 10.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock worth $185,873,000 after purchasing an additional 187,354 shares during the period. First Trust Advisors LP increased its stake in shares of Incyte by 15.2% in the third quarter. First Trust Advisors LP now owns 1,829,078 shares of the biopharmaceutical company’s stock worth $221,959,000 after purchasing an additional 241,082 shares in the last quarter. Finally, Pacer Advisors Inc. increased its stake in shares of Incyte by 2.2% in the first quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company’s stock worth $163,869,000 after purchasing an additional 37,790 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte is a biopharmaceutical company that discovers, develops and commercializes medicines, with a focus on oncology, hematology and inflammatory and autoimmune diseases. Founded in 1991, the company is headquartered in Wilmington, Delaware, and conducts research and commercial activities in the United States and internationally. Its products include Jakafi (ruxolitinib), used to treat certain blood disorders and graft-versus-host disease, and Opzelura (ruxolitinib cream), approved in the United States for certain skin conditions.