Zacks Investment Research lowered shares of Incyte (NASDAQ:INCY) from a hold rating to a sell rating in a research note issued to investors on Tuesday, January 2nd.
According to Zacks, “Incyte’s dependence on only Jakafi, for growth is concerning. Lower-than-expected sales would be a huge setback for the company. While we are positive on the company’s efforts to expand Jakafi’s label, any development/regulatory setback could pull down the stock significantly. In addition, Jakafi could face competition from generics. Meanwhile, the oncology market is attracting a lot of attention with several companies inking deals to tap into this high revenue-potential market. Sooner-than-expected entry of generic versions of Jakafi would be a big blow for the company. Though we are pleased with Incyte’s broad pipeline, we note that most candidates are in the mid and early stages of development. Shares have underperformed the industry in the last twelve months.”
A number of other equities analysts also recently weighed in on the stock. BMO Capital Markets increased their price target on shares of Incyte from $162.00 to $166.00 and gave the stock an outperform rating in a research note on Tuesday, October 31st. TheStreet downgraded shares of Incyte from a c- rating to a d+ rating in a research note on Tuesday, December 5th. Royal Bank of Canada cut their price target on shares of Incyte from $136.00 to $120.00 and set a sector perform rating on the stock in a research note on Tuesday, November 21st. JPMorgan Chase & Co. reissued a buy rating on shares of Incyte in a research report on Tuesday, October 31st. Finally, Citigroup reissued a market perform rating and issued a $120.00 price objective (down previously from $135.00) on shares of Incyte in a research report on Tuesday, January 2nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $143.25.
Incyte (NASDAQ INCY) traded up $1.25 during mid-day trading on Tuesday, hitting $95.51. 1,248,085 shares of the stock traded hands, compared to its average volume of 1,660,000. The firm has a market capitalization of $20,160.00, a price-to-earnings ratio of -119.39 and a beta of 0.74. Incyte has a twelve month low of $88.81 and a twelve month high of $153.15. The company has a quick ratio of 4.81, a current ratio of 4.82 and a debt-to-equity ratio of 0.01.
Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.06 by $0.11. The business had revenue of $381.50 million for the quarter, compared to analyst estimates of $360.34 million. Incyte had a negative net margin of 10.90% and a negative return on equity of 12.91%. The company’s quarterly revenue was up 41.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.19 earnings per share. sell-side analysts expect that Incyte will post -1.33 EPS for the current year.
In other news, Director Paul A. Friedman sold 28,507 shares of Incyte stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $105.24, for a total value of $3,000,076.68. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider David W. Gryska sold 3,915 shares of Incyte stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $105.63, for a total transaction of $413,541.45. The disclosure for this sale can be found here. Insiders sold a total of 44,878 shares of company stock worth $4,636,494 in the last ninety days. Corporate insiders own 17.70% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in INCY. Vanguard Group Inc. increased its position in shares of Incyte by 11.1% in the second quarter. Vanguard Group Inc. now owns 17,125,542 shares of the biopharmaceutical company’s stock worth $2,156,276,000 after acquiring an additional 1,709,685 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Incyte in the third quarter worth approximately $125,065,000. Janus Henderson Group PLC increased its position in shares of Incyte by 4,570.1% in the second quarter. Janus Henderson Group PLC now owns 1,045,363 shares of the biopharmaceutical company’s stock worth $131,622,000 after acquiring an additional 1,022,979 shares in the last quarter. Old Mutual Global Investors UK Ltd. increased its position in shares of Incyte by 374.4% in the third quarter. Old Mutual Global Investors UK Ltd. now owns 930,319 shares of the biopharmaceutical company’s stock worth $108,605,000 after acquiring an additional 734,235 shares in the last quarter. Finally, Matrix Capital Management Company LP increased its position in shares of Incyte by 28.3% in the second quarter. Matrix Capital Management Company LP now owns 1,796,716 shares of the biopharmaceutical company’s stock worth $226,225,000 after acquiring an additional 396,716 shares in the last quarter. 90.75% of the stock is currently owned by institutional investors and hedge funds.
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Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).
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