Incyte (NASDAQ:INCY) Stock Rating Lowered by Wall Street Zen

Incyte (NASDAQ:INCY) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

Other research analysts have also issued research reports about the company. Stifel Nicolaus raised Incyte from a “hold” rating to a “buy” rating and boosted their target price for the company from $75.00 to $107.00 in a report on Monday, June 16th. BMO Capital Markets reissued an “underperform” rating and issued a $60.00 price objective (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Barclays assumed coverage on shares of Incyte in a research note on Friday, August 1st. They issued an “overweight” rating and a $90.00 target price for the company. Citigroup boosted their price target on shares of Incyte from $88.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company upgraded shares of Incyte from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $67.00 to $89.00 in a research report on Wednesday, August 6th. Seven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus price target of $82.53.

Incyte Stock Performance

Shares of INCY stock opened at $83.10 on Friday. The stock’s 50-day moving average price is $78.54 and its 200 day moving average price is $69.12. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $16.23 billion, a PE ratio of 18.89, a price-to-earnings-growth ratio of 0.68 and a beta of 0.75. Incyte has a 52-week low of $53.56 and a 52-week high of $87.99.

Insider Transactions at Incyte

In other news, EVP Barry P. Flannelly sold 1,192 shares of the firm’s stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $83,273.12. Following the completion of the transaction, the executive vice president owned 37,630 shares in the company, valued at $2,628,831.80. This trade represents a 3.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Steven H. Stein sold 3,706 shares of the business’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $67.94, for a total transaction of $251,785.64. Following the completion of the sale, the executive vice president owned 102,886 shares in the company, valued at $6,990,074.84. This represents a 3.48% 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 worth $3,836,196 over the last ninety days. 17.80% of the stock is currently owned by company insiders.

Institutional Trading of Incyte

Several large investors have recently modified their holdings of INCY. FNY Investment Advisers LLC purchased a new position in shares of Incyte during the 2nd quarter worth approximately $27,000. Banque Transatlantique SA purchased a new position in Incyte during the first quarter worth $26,000. MUFG Securities EMEA plc purchased a new position in Incyte during the second quarter worth $32,000. CYBER HORNET ETFs LLC acquired a new position in shares of Incyte in the second quarter worth $33,000. Finally, Raiffeisen Bank International AG purchased a new stake in shares of Incyte in the fourth quarter valued at $34,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.