Incyte (NASDAQ:INCY) Downgraded by Jefferies Financial Group to Hold

Jefferies Financial Group cut shares of Incyte (NASDAQ:INCY) from a buy rating to a hold rating in a research report released on Monday, Marketbeat.com reports. They currently have $94.00 price objective on the biopharmaceutical company’s stock, down from their prior price objective of $120.00.

A number of other research analysts have also weighed in on INCY. Morgan Stanley set a $102.00 price objective on shares of Incyte in a research note on Wednesday, February 11th. TD Cowen restated a “buy” rating on shares of Incyte in a research report on Tuesday, January 13th. Weiss Ratings raised Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. Truist Financial set a $103.00 price target on Incyte in a research report on Wednesday, December 24th. Finally, Wall Street Zen lowered Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Ten analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $103.44.

Incyte Price Performance

NASDAQ INCY opened at $93.00 on Monday. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The company has a market cap of $18.51 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 0.73 and a beta of 0.84. Incyte has a 52 week low of $53.56 and a 52 week high of $112.29. The firm’s 50-day simple moving average is $101.61 and its two-hundred day simple moving average is $96.71.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.96 by ($0.16). The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Incyte had a return on equity of 26.34% and a net margin of 25.03%.Incyte’s revenue for the quarter was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.43 EPS. Research analysts predict that Incyte will post 4.86 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other news, insider Thomas Tray sold 2,774 shares of the business’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $100.00, for a total transaction of $277,400.00. Following the completion of the transaction, the insider directly owned 22,973 shares in the company, valued at $2,297,300. The trade was a 10.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael James Morrissey sold 4,323 shares of the company’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total transaction of $420,454.98. Following the completion of the transaction, the executive vice president directly owned 27,507 shares in the company, valued at approximately $2,675,330.82. The trade was a 13.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 18,553 shares of company stock valued at $1,940,869 in the last three months. Company insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC raised its holdings in shares of Incyte by 369.3% in the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock valued at $763,000 after acquiring an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Incyte by 15.1% during the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after purchasing an additional 648 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Incyte by 6.4% in the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after purchasing an additional 48,751 shares during the last quarter. United Services Automobile Association bought a new position in shares of Incyte in the first quarter worth approximately $219,000. Finally, Focus Partners Wealth raised its stake in Incyte by 74.1% in the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after purchasing an additional 8,951 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

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.