Incyte (NASDAQ:INCY) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, BidAskClub reports.
INCY has been the topic of several other research reports. Royal Bank of Canada lowered Incyte from an “outperform” rating to a “sector perform” rating and set a $89.00 target price on the stock. in a research note on Wednesday, April 3rd. They noted that the move was a valuation call. Barclays lowered Incyte from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $90.00 to $82.00 in a research note on Friday, May 3rd. Argus increased their target price on Incyte from $83.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, February 25th. Oppenheimer set a $85.00 target price on Incyte and gave the stock a “hold” rating in a research note on Sunday, April 7th. Finally, Zacks Investment Research raised Incyte from a “hold” rating to a “buy” rating and set a $83.00 target price on the stock in a research note on Thursday, April 18th. Thirteen investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Incyte currently has a consensus rating of “Hold” and an average target price of $88.00.
Shares of Incyte stock traded up $0.27 during trading hours on Thursday, hitting $76.07. The company’s stock had a trading volume of 499,173 shares, compared to its average volume of 1,102,683. Incyte has a twelve month low of $57.00 and a twelve month high of $88.83. The firm has a market cap of $16.20 billion, a PE ratio of 92.76 and a beta of 1.20. The company has a quick ratio of 5.21, a current ratio of 5.22 and a debt-to-equity ratio of 0.01.
Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, April 30th. The biopharmaceutical company reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.29. Incyte had a return on equity of 13.28% and a net margin of 12.66%. The business had revenue of $497.86 million for the quarter, compared to analyst estimates of $488.00 million. During the same quarter in the prior year, the company posted ($0.01) EPS. The company’s quarterly revenue was up 30.2% on a year-over-year basis. As a group, equities analysts expect that Incyte will post 1.78 earnings per share for the current year.
In other Incyte news, EVP Paula J. Swain sold 10,000 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $87.01, for a total value of $870,100.00. Following the sale, the executive vice president now owns 38,295 shares of the company’s stock, valued at approximately $3,332,047.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 17.10% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of INCY. Norges Bank acquired a new stake in Incyte in the 4th quarter valued at about $186,630,000. Renaissance Technologies LLC increased its holdings in shares of Incyte by 772.4% in the 1st quarter. Renaissance Technologies LLC now owns 841,000 shares of the biopharmaceutical company’s stock valued at $72,334,000 after acquiring an additional 744,600 shares during the last quarter. FMR LLC increased its holdings in shares of Incyte by 2,120.0% in the 1st quarter. FMR LLC now owns 657,610 shares of the biopharmaceutical company’s stock valued at $56,561,000 after acquiring an additional 627,988 shares during the last quarter. Two Sigma Investments LP increased its holdings in shares of Incyte by 88.2% in the 4th quarter. Two Sigma Investments LP now owns 1,211,513 shares of the biopharmaceutical company’s stock valued at $77,040,000 after acquiring an additional 567,826 shares during the last quarter. Finally, Eagle Asset Management Inc. purchased a new position in shares of Incyte in the 1st quarter valued at about $37,747,000. 91.17% of the stock is currently owned by institutional investors.
Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
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