Wells Fargo & Company Downgrades Incyte (NASDAQ:INCY) to Hold

Incyte (NASDAQ:INCY) was downgraded by analysts at Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

Several other analysts have also recently weighed in on the company. Guggenheim raised Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a report on Monday, November 3rd. Oppenheimer downgraded Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Incyte in a research report on Wednesday, October 8th. Finally, TD Cowen boosted their price objective on shares of Incyte from $101.00 to $128.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $100.75.

Incyte Stock Performance

Shares of INCY stock opened at $102.62 on Tuesday. Incyte has a 52 week low of $53.56 and a 52 week high of $112.29. The company has a market capitalization of $20.15 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 0.64 and a beta of 0.82. The company has a 50-day simple moving average of $102.11 and a 200 day simple moving average of $90.17. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.20.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.61. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the business posted $1.07 earnings per share. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, sell-side analysts predict that Incyte will post 4.86 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other news, EVP Michael James Morrissey sold 4,323 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $97.26, for a total transaction of $420,454.98. Following the completion of the sale, the executive vice president owned 27,507 shares of the company’s stock, valued at approximately $2,675,330.82. This represents a 13.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the sale, the executive vice president owned 66,132 shares in the company, valued at $7,213,017.24. This represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 98,897 shares of company stock valued at $9,869,376 over the last three months. 17.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Incyte

Large investors have recently modified their holdings of the business. denkapparat Operations GmbH boosted its position in Incyte by 46.1% in the second quarter. denkapparat Operations GmbH now owns 11,292 shares of the biopharmaceutical company’s stock valued at $769,000 after buying an additional 3,564 shares in the last quarter. Callan Family Office LLC acquired a new position in shares of Incyte in the second quarter valued at approximately $636,000. Hussman Strategic Advisors Inc. raised its holdings in Incyte by 20.0% in the 2nd quarter. Hussman Strategic Advisors Inc. now owns 63,000 shares of the biopharmaceutical company’s stock valued at $4,290,000 after buying an additional 10,500 shares during the last quarter. Burney Co. bought a new stake in Incyte during the 3rd quarter worth approximately $1,883,000. Finally, Fisher Asset Management LLC grew its holdings in Incyte by 74.6% during the 2nd quarter. Fisher Asset Management LLC now owns 29,922 shares of the biopharmaceutical company’s stock worth $2,038,000 after acquiring an additional 12,785 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.