Incyte (INCY) Downgraded by ValuEngine to “Strong Sell”

ValuEngine downgraded shares of Incyte (NASDAQ:INCY) from a sell rating to a strong sell rating in a research report sent to investors on Wednesday.

Several other brokerages also recently issued reports on INCY. BMO Capital Markets reiterated a buy rating and issued a $172.00 target price on shares of Incyte in a research note on Wednesday, January 3rd. Zacks Investment Research downgraded shares of Incyte from a hold rating to a sell rating in a research report on Tuesday, January 2nd. BidaskClub upgraded shares of Incyte from a strong sell rating to a sell rating in a research report on Friday, January 26th. Royal Bank of Canada upgraded shares of Incyte from a sector perform rating to an outperform rating and set a $136.00 price objective for the company in a research report on Tuesday, January 2nd. Finally, Citigroup restated a market perform rating and set a $120.00 price objective (down from $135.00) on shares of Incyte in a research report on Tuesday, January 2nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $116.10.

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Shares of NASDAQ:INCY opened at $70.07 on Wednesday. Incyte has a 52-week low of $61.30 and a 52-week high of $140.11. The stock has a market capitalization of $14,936.04, a P/E ratio of 109.48 and a beta of 0.66. 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 (NASDAQ:INCY) last issued its earnings results on Thursday, February 15th. The biopharmaceutical company reported $0.02 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $435.23 million. During the same period last year, the business posted $0.05 EPS. Incyte’s revenue was up 36.0% on a year-over-year basis. sell-side analysts expect that Incyte will post 0.18 EPS for the current year.

In other news, EVP Reid M. Huber sold 1,958 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.55, for a total transaction of $167,506.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider David W. Gryska sold 1,952 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.56, for a total transaction of $167,013.12. Following the transaction, the insider now directly owns 12,922 shares in the company, valued at $1,105,606.32. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Sands Capital Management LLC increased its stake in Incyte by 8.2% in the fourth quarter. Sands Capital Management LLC now owns 8,191,287 shares of the biopharmaceutical company’s stock valued at $775,797,000 after acquiring an additional 621,323 shares during the last quarter. Geode Capital Management LLC increased its stake in Incyte by 5.8% in the fourth quarter. Geode Capital Management LLC now owns 1,938,238 shares of the biopharmaceutical company’s stock valued at $183,205,000 after acquiring an additional 105,692 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Incyte by 0.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,682,019 shares of the biopharmaceutical company’s stock valued at $159,304,000 after acquiring an additional 7,463 shares during the last quarter. HealthCor Management L.P. increased its stake in Incyte by 125.5% in the fourth quarter. HealthCor Management L.P. now owns 1,350,000 shares of the biopharmaceutical company’s stock valued at $127,859,000 after acquiring an additional 751,450 shares during the last quarter. Finally, Two Sigma Advisers LP increased its stake in Incyte by 10.5% in the fourth quarter. Two Sigma Advisers LP now owns 990,182 shares of the biopharmaceutical company’s stock valued at $93,780,000 after acquiring an additional 94,373 shares during the last quarter. 93.56% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Incyte (NASDAQ:INCY)

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