Incyte (NASDAQ:INCY) Earns “Market Perform” Rating from JMP Securities

JMP Securities restated their market perform rating on shares of Incyte (NASDAQ:INCY) in a research report released on Tuesday, Benzinga reports.

A number of other equities analysts also recently issued reports on INCY. Citigroup upped their price target on Incyte from $80.00 to $88.00 and gave the stock a buy rating in a research report on Wednesday, July 31st. Royal Bank of Canada reaffirmed a sector perform rating and set a $67.00 price target on shares of Incyte in a research report on Tuesday, September 3rd. Oppenheimer dropped their price objective on shares of Incyte from $84.00 to $81.00 and set an outperform rating on the stock in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Incyte from $55.00 to $60.00 and gave the company a hold rating in a report on Thursday, August 1st. Finally, Cantor Fitzgerald reissued a neutral rating on shares of Incyte in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Incyte currently has an average rating of Hold and an average target price of $73.24.

Incyte Stock Performance

Shares of INCY stock opened at $65.74 on Tuesday. The business’s fifty day simple moving average is $64.37 and its 200-day simple moving average is $59.79. The company has a market cap of $14.76 billion, a PE ratio of 19.92, a PEG ratio of 5.03 and a beta of 0.73. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. Incyte has a 12-month low of $50.27 and a 12-month high of $70.36.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 earnings per share. Analysts expect that Incyte will post 0.67 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the sale, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at $2,569,070. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Incyte news, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total value of $488,880.00. Following the completion of the transaction, the executive vice president now owns 50,534 shares in the company, valued at $3,032,040. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the transaction, the executive vice president now owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,047 shares of company stock valued at $2,225,626. 17.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of INCY. Dimensional Fund Advisors LP raised its position in shares of Incyte by 7.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 950,626 shares of the biopharmaceutical company’s stock worth $59,689,000 after acquiring an additional 62,380 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Incyte by 126.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 51,821 shares of the biopharmaceutical company’s stock worth $3,254,000 after acquiring an additional 28,938 shares during the period. Quadrant Capital Group LLC raised its position in shares of Incyte by 85.2% in the fourth quarter. Quadrant Capital Group LLC now owns 711 shares of the biopharmaceutical company’s stock worth $45,000 after acquiring an additional 327 shares during the period. Great Lakes Advisors LLC acquired a new position in shares of Incyte in the fourth quarter worth about $2,033,000. Finally, Norges Bank acquired a new position in shares of Incyte during the 4th quarter worth about $123,253,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

About Incyte

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.