Incyte (NASDAQ:INCY) Downgraded to Buy Rating by Wall Street Zen

Wall Street Zen cut shares of Incyte (NASDAQ:INCY) from a strong-buy rating to a buy rating in a research report report published on Saturday morning.

Other equities analysts have also issued reports about the company. Weiss Ratings restated a “hold (c+)” rating on shares of Incyte in a research note on Wednesday, October 8th. Stifel Nicolaus upped their target price on Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Oppenheimer lowered Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 8th. Bank of America increased their price objective on Incyte from $90.00 to $104.00 and gave the company a “buy” rating in a research report on Thursday, September 4th. Finally, BMO Capital Markets reiterated an “underperform” rating and set a $60.00 price objective (up from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Incyte currently has an average rating of “Hold” and an average target price of $84.79.

Incyte Price Performance

Shares of NASDAQ INCY opened at $87.57 on Friday. The firm has a market capitalization of $17.10 billion, a P/E ratio of 19.90, a P/E/G ratio of 0.68 and a beta of 0.73. 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’s 50-day simple moving average is $85.20 and its two-hundred day simple moving average is $72.54. Incyte has a twelve month low of $53.56 and a twelve month high of $92.86.

Insider Transactions at Incyte

In related news, EVP Steven H. Stein sold 3,706 shares of the firm’s stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $67.94, for a total transaction of $251,785.64. Following the transaction, the executive vice president directly owned 102,886 shares in the company, valued at $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 is available through the SEC website. In the last 90 days, insiders sold 4,261 shares of company stock worth $298,482. 17.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of Nova Scotia grew its position in Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after acquiring an additional 124 shares during the last quarter. MAI Capital Management lifted its holdings in Incyte by 19.9% in the 2nd quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock worth $51,000 after buying an additional 125 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Incyte by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company’s stock worth $612,000 after buying an additional 147 shares during the period. Farther Finance Advisors LLC lifted its holdings in Incyte by 10.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company’s stock worth $116,000 after buying an additional 156 shares during the period. Finally, E Fund Management Co. Ltd. lifted its holdings in Incyte by 0.8% in the 2nd quarter. E Fund Management Co. Ltd. now owns 19,912 shares of the biopharmaceutical company’s stock worth $1,356,000 after buying an additional 158 shares during the period. 96.97% of the stock is currently owned by institutional investors.

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.