Gabelli Downgrades Incyte (INCY) to Hold

Incyte (NASDAQ:INCY) was downgraded by analysts at Gabelli from a “buy” rating to a “hold” rating in a research note issued on Monday, The Fly reports.

Other research analysts have also issued reports about the stock. Nomura restated a “buy” rating on shares of Incyte in a report on Thursday, February 1st. Oppenheimer set a $65.00 price target on shares of Incyte and gave the stock a “hold” rating in a research note on Monday. BMO Capital Markets reiterated a “buy” rating and issued a $172.00 price target on shares of Incyte in a research note on Wednesday, January 3rd. William Blair reiterated a “market perform” rating on shares of Incyte in a research note on Friday. Finally, ValuEngine upgraded shares of Incyte from a “sell” rating to a “hold” rating in a research note on Thursday, March 1st. Three analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Incyte presently has a consensus rating of “Buy” and an average target price of $127.50.

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Shares of NASDAQ INCY opened at $64.02 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.01 and a quick ratio of 3.99. Incyte has a 12 month low of $63.43 and a 12 month high of $142.45. The firm has a market capitalization of $13,559.35, a price-to-earnings ratio of 100.03 and a beta of 0.66.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Thursday, February 15th. The biopharmaceutical company reported $0.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.52) by $0.54. Incyte had a negative net margin of 20.38% and a negative return on equity of 11.85%. The business had revenue of $444.20 million during the quarter, compared to analyst estimates of $435.23 million. During the same period in the prior year, the business earned $0.05 EPS. The company’s revenue for the quarter was up 36.0% on a year-over-year basis. equities research analysts expect that Incyte will post -0.28 EPS for the current year.

In related news, insider David W. Gryska sold 1,952 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.56, for a total transaction of $167,013.12. Following the sale, the insider now directly owns 12,922 shares of the company’s stock, valued at approximately $1,105,606.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Reid M. Huber sold 1,958 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.55, for a total transaction of $167,506.90. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Financial Gravity Companies Inc. purchased a new stake in Incyte during the 4th quarter valued at about $120,000. Private Advisor Group LLC purchased a new stake in Incyte during the 3rd quarter valued at about $203,000. Advantage Investment Management LLC grew its position in Incyte by 1,233.3% during the 4th quarter. Advantage Investment Management LLC now owns 2,000 shares of the biopharmaceutical company’s stock valued at $189,000 after purchasing an additional 1,850 shares during the last quarter. Griffin Asset Management Inc. purchased a new stake in shares of Incyte during the 4th quarter valued at about $200,000. Finally, Caxton Associates LP purchased a new stake in shares of Incyte during the 3rd quarter valued at about $257,000. 93.50% of the stock is currently owned by institutional investors.

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Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States. It offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and ICLUSIG, a kinase inhibitor for the treatment of chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Analyst Recommendations for Incyte (NASDAQ:INCY)

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