Incyte (NASDAQ:INCY) Lowered to Neutral Rating by Guggenheim

Guggenheim lowered shares of Incyte (NASDAQ:INCY - Free Report) from a buy rating to a neutral rating in a report issued on Tuesday, MarketBeat Ratings reports. They currently have $92.00 price objective on the biopharmaceutical company's stock.

Several other brokerages have also recently weighed in on INCY. Stifel Nicolaus boosted their price objective on Incyte from $75.00 to $77.00 and gave the stock a "hold" rating in a report on Monday, February 10th. William Blair cut Incyte from an "outperform" rating to a "market perform" rating in a report on Tuesday. Cantor Fitzgerald reissued a "neutral" rating on shares of Incyte in a report on Friday, January 10th. Citigroup dropped their price objective on Incyte from $97.00 to $88.00 and set a "buy" rating for the company in a report on Tuesday, February 11th. Finally, UBS Group started coverage on Incyte in a report on Tuesday, December 17th. They set a "neutral" rating and a $77.00 price objective for the company. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $75.13.

Incyte Price Performance

Shares of Incyte stock traded up $1.34 during trading on Tuesday, reaching $61.92. The company's stock had a trading volume of 4,332,207 shares, compared to its average volume of 2,260,600. The stock has a 50-day moving average price of $70.61 and a two-hundred day moving average price of $70.11. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. Incyte has a one year low of $50.35 and a one year high of $83.95. The stock has a market capitalization of $11.98 billion, a P/E ratio of 229.34, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76.

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Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. As a group, sell-side analysts anticipate that Incyte will post 4.86 EPS for the current fiscal year.

Insider Activity at Incyte

In related news, EVP Barry P. Flannelly sold 19,807 shares of the business's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now directly owns 33,567 shares in the company, valued at approximately $2,272,150.23. The trade was a 37.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sheila A. Denton sold 14,069 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total value of $1,042,090.83. Following the completion of the transaction, the executive vice president now owns 25,848 shares of the company's stock, valued at $1,914,561.36. This represents a 35.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 46,827 shares of company stock worth $3,322,618. 17.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

Institutional investors and hedge funds have recently modified their holdings of the business. Quintet Private Bank Europe S.A. bought a new stake in Incyte in the 4th quarter valued at approximately $26,000. Global X Japan Co. Ltd. lifted its stake in Incyte by 144.7% in the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company's stock valued at $27,000 after acquiring an additional 230 shares in the last quarter. Brooklyn Investment Group bought a new stake in Incyte in the 3rd quarter valued at approximately $30,000. R Squared Ltd bought a new stake in Incyte in the 4th quarter valued at approximately $30,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Incyte in the 3rd quarter valued at approximately $33,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.