Incyte (NASDAQ:INCY) Earns Underperform Rating from BMO Capital Markets

Incyte (NASDAQ:INCY)‘s stock had its “underperform” rating reaffirmed by equities researchers at BMO Capital Markets in a research note issued on Wednesday, MarketBeat.com reports. They currently have a $60.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $52.00. BMO Capital Markets’ price target points to a potential downside of 19.88% from the company’s current price.

Several other equities analysts also recently weighed in on the company. Truist Financial raised their price target on Incyte from $73.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday. UBS Group reissued a “neutral” rating and set a $68.00 price objective (up from $62.00) on shares of Incyte in a research report on Wednesday. Wall Street Zen raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 30th. Citigroup reiterated a “buy” rating on shares of Incyte in a research note on Tuesday, June 3rd. Finally, JPMorgan Chase & Co. reduced their price target on shares of Incyte from $68.00 to $67.00 and set a “neutral” rating for the company in a research report on Monday, July 14th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $77.73.

Incyte Stock Performance

NASDAQ:INCY opened at $74.89 on Wednesday. The firm’s fifty day simple moving average is $68.72 and its 200 day simple moving average is $66.68. The stock has a market cap of $14.50 billion, a P/E ratio of 17.02, a price-to-earnings-growth ratio of 0.65 and a beta of 0.68. The company has a quick ratio of 2.00, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. Incyte has a twelve month low of $53.56 and a twelve month high of $83.95.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.01 by $0.15. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $996.17 million. Incyte had a return on equity of 21.99% and a net margin of 18.99%. The company’s revenue for the quarter was up 19.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 earnings per share. As a group, research analysts predict that Incyte will post 4.86 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Steven H. Stein sold 3,706 shares of Incyte stock in a transaction on Monday, July 21st. The shares were sold at an average price of $67.94, for a total value of $251,785.64. Following the sale, the executive vice president owned 102,886 shares of the company’s stock, valued at approximately $6,990,074.84. This trade represents a 3.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 1,192 shares of the company’s stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the transaction, the executive vice president owned 37,630 shares of the company’s stock, valued at $2,628,831.80. This represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,098 shares of company stock valued at $3,836,196 in the last three months. 17.80% of the stock is currently owned by company insiders.

Institutional Trading of Incyte

Several institutional investors have recently modified their holdings of INCY. AQR Capital Management LLC raised its position in shares of Incyte by 92.3% during the 1st quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company’s stock worth $405,787,000 after purchasing an additional 3,233,356 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its stake in Incyte by 71.5% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 2,386,311 shares of the biopharmaceutical company’s stock worth $162,508,000 after buying an additional 995,204 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Incyte by 65.6% during the first quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company’s stock valued at $152,062,000 after acquiring an additional 994,609 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Incyte by 861.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company’s stock valued at $61,587,000 after acquiring an additional 798,877 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Incyte in the second quarter valued at approximately $50,076,000. Institutional investors and hedge funds 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.