Incyte (INCY) Trading Down 0% After Analyst Downgrade

Incyte Co. (NASDAQ:INCY) shares fell 0% during mid-day trading on Tuesday after JPMorgan Chase lowered their price target on the stock from $96.00 to $88.00. JPMorgan Chase currently has an overweight rating on the stock. Incyte traded as low as $62.07 and last traded at $62.35. 7,408,227 shares were traded during mid-day trading, an increase of 222% from the average session volume of 2,303,512 shares. The stock had previously closed at $62.35.

Several other analysts have also recently weighed in on the stock. Oppenheimer set a $65.00 price target on shares of Incyte and gave the company a “hold” rating in a report on Monday. Zacks Investment Research cut shares of Incyte from a “buy” rating to a “hold” rating in a report on Thursday, April 19th. ValuEngine cut shares of Incyte from a “sell” rating to a “strong sell” rating in a report on Wednesday, April 18th. Credit Suisse Group set a $78.00 price target on shares of Incyte and gave the company a “buy” rating in a report on Tuesday, April 17th. Finally, UBS upgraded shares of Incyte from a “neutral” rating to a “buy” rating and set a $76.00 price target on the stock in a report on Thursday, April 12th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Incyte presently has a consensus rating of “Buy” and an average target price of $115.71.

In other news, EVP Reid M. Huber sold 1,958 shares of the business’s stock in a transaction 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 is accessible through the SEC website. Also, insider David W. Gryska sold 1,952 shares of the business’s stock in a transaction on 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 owns 12,922 shares in the company, valued at approximately $1,105,606.32. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Financial Gravity Companies Inc. bought a new stake in shares of Incyte during the 4th quarter valued at $120,000. Advantage Investment Management LLC raised its position in shares of Incyte by 1,233.3% in the 4th quarter. Advantage Investment Management LLC now owns 2,000 shares of the biopharmaceutical company’s stock worth $189,000 after purchasing an additional 1,850 shares during the last quarter. Griffin Asset Management Inc. purchased a new position in shares of Incyte in the 4th quarter worth about $200,000. Mission Wealth Management LP purchased a new position in shares of Incyte in the 4th quarter worth about $213,000. Finally, Westover Capital Advisors LLC purchased a new position in shares of Incyte in the 4th quarter worth about $228,000. Hedge funds and other institutional investors own 93.58% of the company’s stock.

The company has a quick ratio of 3.99, a current ratio of 4.01 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $14,431.96, a PE ratio of 98.42 and a beta of 0.66.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Thursday, February 15th. The biopharmaceutical company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.54. The firm had revenue of $444.20 million during the quarter, compared to analyst estimates of $435.23 million. Incyte had a negative return on equity of 11.85% and a negative net margin of 20.38%. Incyte’s quarterly revenue was up 36.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 EPS. analysts predict that Incyte Co. will post -0.16 earnings per share for the current year.

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About Incyte

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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