Royal Bank of Canada downgraded shares of Incyte (NASDAQ:INCY) from an outperform rating to a sector perform rating in a research report report published on Tuesday morning, Marketbeat Ratings reports. The firm currently has $74.00 target price on the biopharmaceutical company’s stock, down from their prior target price of $76.00. The analysts noted that the move was a valuation call.
Other analysts also recently issued reports about the company. Zacks Investment Research downgraded Incyte from a buy rating to a hold rating in a research report on Thursday, April 19th. Gabelli downgraded Incyte from a buy rating to a hold rating in a research report on Monday, April 9th. Piper Jaffray Companies began coverage on Incyte in a research report on Wednesday, May 30th. They set a buy rating and a $85.00 target price for the company. Oppenheimer set a $65.00 target price on Incyte and gave the company a hold rating in a research report on Friday, June 1st. Finally, ValuEngine raised Incyte from a sell rating to a hold rating in a report on Thursday, March 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $107.46.
NASDAQ:INCY opened at $65.76 on Tuesday. The firm has a market cap of $13.88 billion, a PE ratio of 102.75 and a beta of 0.75. The company has a quick ratio of 3.84, a current ratio of 3.86 and a debt-to-equity ratio of 0.01. Incyte has a fifty-two week low of $60.22 and a fifty-two week high of $140.11.
Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, May 1st. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.08. The firm had revenue of $382.28 million during the quarter, compared to the consensus estimate of $384.03 million. Incyte had a negative return on equity of 0.74% and a negative net margin of 10.90%. The company’s revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 EPS. research analysts expect that Incyte will post 0.41 earnings per share for the current year.
In other Incyte news, EVP Paula J. Swain sold 80,000 shares of the company’s stock in a transaction dated Monday, April 30th. The stock was sold at an average price of $62.43, for a total value of $4,994,400.00. Following the completion of the transaction, the executive vice president now owns 39,467 shares of the company’s stock, valued at approximately $2,463,924.81. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Herve Hoppenot bought 15,000 shares of the stock in a transaction on Wednesday, May 2nd. The stock was purchased at an average cost of $60.94 per share, with a total value of $914,100.00. The disclosure for this purchase can be found here. 17.20% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Tyers Asset Management LLC increased its holdings in Incyte by 22.0% in the 1st quarter. Tyers Asset Management LLC now owns 4,976 shares of the biopharmaceutical company’s stock worth $415,000 after purchasing an additional 896 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in Incyte by 34.6% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,500 shares of the biopharmaceutical company’s stock worth $292,000 after purchasing an additional 900 shares in the last quarter. Pitcairn Co. grew its position in shares of Incyte by 19.5% in the 4th quarter. Pitcairn Co. now owns 5,615 shares of the biopharmaceutical company’s stock valued at $531,000 after buying an additional 918 shares during the last quarter. Assetmark Inc. grew its position in shares of Incyte by 221.5% in the 1st quarter. Assetmark Inc. now owns 1,405 shares of the biopharmaceutical company’s stock valued at $117,000 after buying an additional 968 shares during the last quarter. Finally, Blackhawk Capital Partners LLC. grew its position in shares of Incyte by 162.5% in the 1st quarter. Blackhawk Capital Partners LLC. now owns 1,575 shares of the biopharmaceutical company’s stock valued at $131,000 after buying an additional 975 shares during the last quarter. 92.01% of the stock is owned by institutional investors and hedge funds.
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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