Incyte (NASDAQ:INCY) Rating Lowered to Buy at StockNews.com

StockNews.com downgraded shares of Incyte (NASDAQ:INCY) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday morning.

Several other research firms have also weighed in on INCY. Royal Bank of Canada reiterated a sector perform rating and set a $65.00 target price on shares of Incyte in a research note on Monday, March 25th. Jefferies Financial Group initiated coverage on shares of Incyte in a report on Friday, February 23rd. They issued a buy rating and a $81.00 target price on the stock. TD Cowen lowered their target price on Incyte from $88.00 to $80.00 and set a buy rating for the company in a report on Wednesday, May 1st. Oppenheimer cut their price target on Incyte from $92.00 to $84.00 and set an outperform rating on the stock in a report on Wednesday, April 24th. Finally, Citigroup lowered their price objective on Incyte from $82.00 to $81.00 and set a buy rating for the company in a research note on Wednesday, February 14th. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $74.93.

Incyte Stock Up 0.6 %

NASDAQ INCY traded up $0.32 on Thursday, reaching $54.08. The company had a trading volume of 2,016,047 shares, compared to its average volume of 1,796,320. The firm has a market capitalization of $12.14 billion, a PE ratio of 16.29, a P/E/G ratio of 1.35 and a beta of 0.69. The firm has a 50-day moving average of $56.09 and a 200-day moving average of $57.56. Incyte has a 1 year low of $50.27 and a 1 year high of $67.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.47 and a quick ratio of 3.43.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.09). The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Incyte had a return on equity of 12.83% and a net margin of 19.78%. The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period last year, the firm earned $0.44 EPS. On average, equities research analysts anticipate that Incyte will post 3.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Incyte

Hedge funds have recently made changes to their positions in the company. Cape Investment Advisory Inc. acquired a new position in Incyte during the fourth quarter valued at $25,000. Larson Financial Group LLC boosted its position in Incyte by 4,220.0% during the fourth quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 422 shares during the last quarter. Redmont Wealth Advisors LLC purchased a new position in Incyte in the first quarter valued at about $28,000. Riverview Trust Co acquired a new position in Incyte in the 1st quarter worth about $29,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Incyte during the 4th quarter worth about $31,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.